Bitcoin breaking out of an inverse H&S
Updated
Hello everyone, as i explained in my previous video, i tend to use simple trend based strategies to trade the cryptocurrency market - especially bitcoin. If you want to get an idea of how i apply these rules, feel free to check out my previous Bitcoin trading-ideas. They can be found below this text.
You can progress through the chart and see where i entered the market.
In this idea we are looking at the Bitcoin price on the 1H chart. The primary, secondary and short-term trend is upwards. The latter was confirmed by todays price action and the move past the $60.000 area. We can see an inverse Head & Shoulders playing out, with the neckline at ~$60.000.
This pattern is very powerful and can be discovered multiple times throughout the past years in the bitcoin market. This pattern confirms my recent long play, where the price broke out auf a Bull-Flag (previous pattern).
I'm fairly bullish on Bitcoin and i trade with the trend. I consider to partially sell my position (taking profit from early entries) at the $66.000 price level, as i expect short term sell action and look for a re-entry. But this is wishful thinking at this point. We will consider a new strategy as soon as the price gives us a sign of a short-term trend reversal. For now we have our eyes on the above mentioned targets.
Check out my signature below this idea for more information about my charts!
Cheers,
Ares
Jan 25
Feb 6
![[CRYPTO] Bitcoin Crushing the All Time High?](https://s3.tradingview.com/c/cNgJf24e_mid.png)
Feb 12
![[CRYPTO] Bitcoin Crushed the All Time High (Update)](https://s3.tradingview.com/f/fCyl9KAw_mid.png)
Feb 24
![[CRYPTO] Bitcoin is in a short-term Correction](https://s3.tradingview.com/a/AUgtr2sE_mid.png)
Mar 7
![[CRYPTO] How To trade the Bitcoin Retracement](https://s3.tradingview.com/o/ordxWAuh_mid.png)
Mar 29
You can progress through the chart and see where i entered the market.
In this idea we are looking at the Bitcoin price on the 1H chart. The primary, secondary and short-term trend is upwards. The latter was confirmed by todays price action and the move past the $60.000 area. We can see an inverse Head & Shoulders playing out, with the neckline at ~$60.000.
This pattern is very powerful and can be discovered multiple times throughout the past years in the bitcoin market. This pattern confirms my recent long play, where the price broke out auf a Bull-Flag (previous pattern).
I'm fairly bullish on Bitcoin and i trade with the trend. I consider to partially sell my position (taking profit from early entries) at the $66.000 price level, as i expect short term sell action and look for a re-entry. But this is wishful thinking at this point. We will consider a new strategy as soon as the price gives us a sign of a short-term trend reversal. For now we have our eyes on the above mentioned targets.
Check out my signature below this idea for more information about my charts!
Cheers,
Ares
Jan 25
Feb 6
Feb 12
Feb 24
Mar 7
Mar 29
Comment
And here's the previous idea
Comment
I meant to place the right shoulder at the peak a few hours later :) FYITrade active
And here's the breakout
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