Watchlist Update 23 | BTC | Right Shoulder still forming?
Hey guys and welcome to this very short update. I actually made a 20 minute video today, but I only just figured out how to use OBS and ended up chopping the video to pieces.
I may not get to the video today, but I'll update you on what I'm seeing with BTC.
Currently BTC is bleeding from a news-driven event due to Binance dealing with a phishing attack. They have reportedly cleared that up already, but there's still a lot of bearish pressure out there.
We have bounced almost perfectly off of where I figured the right shoulder would finish up, right at the low of the left shoulder (in my opinion) of just about 9000 and then finding some resistance below 9500. We have had consecutive bear flags ever since, but as other traders have mentioned, the reverse head and shoulders pattern isn't invalidated until price drops below the head of the pattern.
Significant resistance will be 11775, with very strong psychological resistance at 12000 and 13000, with 12000 being the safest entry point of breaking above the neckline of the head and shoulders pattern (11775 being a more aggressive entry).
The other names are following BTC in terms of USD, but LTC recently ran on some good news about listing on an exchange, but that tapered off since we were still in a bear trend after all.
That's all for today, watch my status updates for when I release the video (maybe not today, but I will get it done. I'll be highlighting a strategy I've been looking into lately).
Stay safe out there! Roti out.
I may not get to the video today, but I'll update you on what I'm seeing with BTC.
Currently BTC is bleeding from a news-driven event due to Binance dealing with a phishing attack. They have reportedly cleared that up already, but there's still a lot of bearish pressure out there.
We have bounced almost perfectly off of where I figured the right shoulder would finish up, right at the low of the left shoulder (in my opinion) of just about 9000 and then finding some resistance below 9500. We have had consecutive bear flags ever since, but as other traders have mentioned, the reverse head and shoulders pattern isn't invalidated until price drops below the head of the pattern.
Significant resistance will be 11775, with very strong psychological resistance at 12000 and 13000, with 12000 being the safest entry point of breaking above the neckline of the head and shoulders pattern (11775 being a more aggressive entry).
The other names are following BTC in terms of USD, but LTC recently ran on some good news about listing on an exchange, but that tapered off since we were still in a bear trend after all.
That's all for today, watch my status updates for when I release the video (maybe not today, but I will get it done. I'll be highlighting a strategy I've been looking into lately).
Stay safe out there! Roti out.
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