BitcoinLong
Shoulder Head Shoulder and Descending Triangle
Updated
At the Moment the BTCUSD is making an massive Shoulder Head Shoulder Formation. It also broke the RSI Support Trendline.
And there is an incoming Deathcross from the 50 MA and the 200 MA. All of those are big Signs for an Bearish Trend.
But i think the biggest formation at the Moment is countering all of those bearish signs.
The biggest Formation is an Massive Descending Triangle which could result in an very big Bullish Momentum. The Support of this Triangle is the 7500$ Support line which is very strong.
Even if the 7500$ Support breaks there will be many more support lines which could build another big Triangle.
We could also see an big downward Trendchannel but i am not sure if this Channel will hold. However it is possible that the price will follow the Trendchannel.
So it could result in an Target down to 5000$.
But i think the odds are higher that the Price will follow the Descending Triangle, and if the price breaks out on top of the Triangle this will result in an massive bullrush.
So the Chance/Risk ratio is very good for this Long.
These are just my thoughts, the information provided is not a financial advice.
And there is an incoming Deathcross from the 50 MA and the 200 MA. All of those are big Signs for an Bearish Trend.
But i think the biggest formation at the Moment is countering all of those bearish signs.
The biggest Formation is an Massive Descending Triangle which could result in an very big Bullish Momentum. The Support of this Triangle is the 7500$ Support line which is very strong.
Even if the 7500$ Support breaks there will be many more support lines which could build another big Triangle.
We could also see an big downward Trendchannel but i am not sure if this Channel will hold. However it is possible that the price will follow the Trendchannel.
So it could result in an Target down to 5000$.
But i think the odds are higher that the Price will follow the Descending Triangle, and if the price breaks out on top of the Triangle this will result in an massive bullrush.
So the Chance/Risk ratio is very good for this Long.
These are just my thoughts, the information provided is not a financial advice.
Note
Just an short Update:At the moment it looks still very good i think. For me Bitcoin looks still pretty Bullish.
It looks like Bitcoin is gonna stay above the 200Day EMA.
We also have a possible bull flag Scenario here and an range scenario between 9100$ - 9400$.
Those are all Bullish signs.
These are just my thoughts, the information provided is not a financial advice.
Note
Sorry i meant the 200Day MA :). It looks like the 200Day MA acts as an Support.But Bitcoin should also stay above 200Day EMA.
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