Long

Inverse H&S/Ascending Triangle

Updated

Currently ranging. I am looking for the inverse H&S/Ascending triangle pattern to play out. A confirmed break below the pink trendline would signal a further drop is in store.
I will long once we break 6800 resistance and bounce off the retest with a target of 7700.

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Have edited slightly as I feel we will need to test the support of the pink uptrend line at least one more time after hitting 6800. We should then break out. In terms of the retest, I have a feeling we will hit 7300 before retracing to confirm 6800 as support, however we could go as high as 7700-7800 before retracing back to 6800. Regardless, a retest WILL occur as 6800 is a key level.

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And a look at how this fits into the bigger bullish picture:

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And the bigger picture again... So fucking bullish if this plays out

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Still ranging. I would expect this to continue for at least another 24 hours. Another test of the support line at around 6125 is probably likely as well during this period. Once we finish this period of sideways movement we go up. A break to the downside would be disastrous.

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And still ranging.... I still feel we will drop and hit 6125-6140 at the support line in order to liquidate high leverage bulls. This will also cause a flurry of FOMO shorts; however we will then bounce off 6125-6140 and shoot up thus liquidating the shorters as well. From here we will make our way back to 6800 and hit resistance. It is likely we will then either a) come back down for one last touch of the lower support line (probably around 6300+) before our final push up and through 6800; or b) break through 6800 without retracing one last time. My preference is a) to in order to have triple confirmation of what will become our new uptrend line for the time being. It will also allow us to scale back on RSI, MACD etc and build stronger momentum on the final push through 6800.

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Following the plan nicely so far...

Destroy_All_Analysis

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