BTC (Y20.P1.E2.v2).Micro.Next Target
Updated
Note: This post is only focused on micro moves
Continuation of the previous post
Observations:
================
> Bitcoin price is gaining traction above the $7,400 and $7,500 resistance levels
> Approaching strong resistances starting with $7,640 and up to $8,000.
Thoughts:
================
A continuous failure near $7,700 and $7,800 could spark another bearish wave.
Still maintaining the structure of the reversal macro pattern of Inv. H & S. as per my previous posts.
Note, I changed my inv. H&S formation because the previous one did not kick off, hence my believe is that we are now completing the HEAD to the neckline.
If it goes towards 7700-7800, then the previous inv. H&S is confirmed.
Many think Inv H&S pattern, but I think a rejection at the 7650 to 6800 range will make way for this Inv. H&S. Why, because many inv. H&S patterns have not eventuated, and usually the bottom doesn't spring out that easily, its usually drawn out.
Thoughts on the MACRO
======================
I feel we are still in the working range of the bottom, not yet accumulation but establishing the boundaries, as per my post here and the main scenario I have posted in the past, link below.
PREVIOUS POST
Continuation of the previous post
Observations:
================
> Bitcoin price is gaining traction above the $7,400 and $7,500 resistance levels
> Approaching strong resistances starting with $7,640 and up to $8,000.
Thoughts:
================
A continuous failure near $7,700 and $7,800 could spark another bearish wave.
Still maintaining the structure of the reversal macro pattern of Inv. H & S. as per my previous posts.
Note, I changed my inv. H&S formation because the previous one did not kick off, hence my believe is that we are now completing the HEAD to the neckline.
If it goes towards 7700-7800, then the previous inv. H&S is confirmed.
Many think Inv H&S pattern, but I think a rejection at the 7650 to 6800 range will make way for this Inv. H&S. Why, because many inv. H&S patterns have not eventuated, and usually the bottom doesn't spring out that easily, its usually drawn out.
Thoughts on the MACRO
======================
I feel we are still in the working range of the bottom, not yet accumulation but establishing the boundaries, as per my post here and the main scenario I have posted in the past, link below.
PREVIOUS POST
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I'll be looking for similarities of the stochastic for the bounce Comment
Bearish divergences appearing in the 30 to 2 hourly chartsComment
The other alternative.Difficult to say.Comment
another takeComment
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Looking bullish, keeping an eye on this position to decide if or not to go inComment
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This community has signals now but with no risk management comms.
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