Long

Updated

BITCON POTENTIAL INVERSE HEAD AND SHOULDERS

Seems like our secret yellow box turned again :)) 6650-6840 range is strong resistance so i think this movement will end up with inverse head and shoulders. Support side there are April and February lows. Momentum wise i think we can take last drop below long term support as a false breakout which is bullish.

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I want to add something that until shoulder appear this is bearish.

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Maybe this can be ugly shoulder. At the end if we can break 6800 it does not matter.

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The problem with upmovement is it is moving at weekends.

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I had think about it and i dont think this was a shoulder. I dont like this type of up movements there should be pulbacks while going up. I will watch it until make a meaningful movement.

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This wasted time made situation bad. Making shoulder is harder now.

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Small timeframe

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I am trying to long at 6369 with stop at 6337. Risky trade.

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Bought at 6188 after coinbase announcement for trading these coins. 6150 my exit point if it drops.

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Monday is coming be careful.

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April low breakup.

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Trying to break 6530

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We are at the yellow area

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I hope this resistance can turn support

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Closed below yellow area

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Rejected from yellow area again

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Third time

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Forth time coming

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Aaaaaaaand broken

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Inside the area sideways below the area correction time above the area moon time.

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Seems like correction time coming

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Watchout the yellow box. Also i want to say that i made this inverse h&s chart 2 weeks ago and people sharing this today and comments like " omg what an analysis"

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Watching the up movement above the yellow box :) If it fails i can sell at box again ez strategy :D

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Aaand inverse head and shoulders completed. It is sad that i shared this 2 weeks ago and people that realized today we have a inverse head and shoulders getting more appreciation than me. Maybe if i share 100000 different charts and say "it can go up and down" it would be better :)))

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New lines to play

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You can see from the chart that bitcoin couldn't manage to break fib level i will watch it with limit buy order.

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Price reacting too quick it was 7336 while i was writing saw 7261 2 minutes later :D

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Alt are moving it is trading time :)

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I am not making another chart because we still did not hit the target of inverse head and shoulders. I shared some lines. Lets look at them how they worked.

Trade closed manually

Trade active

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Really interesting whale moves.

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I will wait until above 7380

Trade closed manually

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Interesting

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Another big sell

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Maybe they are trying to scare people before big pump am i too optimictis :D

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Third big sell

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Take a look at bnb guys there is new fee program.

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Bots are angry to bnb i think :D at least i bought btc because of that.

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Like i said i am in if btc above the 7380 also i gave 1 more chance to bnb with tight sl i dont know why it is dropping so i am risking too litlle.

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Fresh

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So unless we go above 7428.70 i will think we are making correction.

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And until breaking below red line i am neutral.

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Market maker trolling everyone. We need more players at crypto otherwise this is what happens.

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When i said that market maker trolling everyone i wasn't joking.

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My last picture about drop is not valid anymore because of time.

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And because we are above 7428.

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I was lucky because i was watching and saw the failed wick. This annoying pattern still continue.

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We are breaking moving averages step by when i shared this as a "freash" we were at blue area. After the red area 4h macd were going to become bullish and i thought this drop pattern ended but seems like it did not.

Trade closed: target reached

Right after my commment climbed back to the area. And finally 7800. Now i can consider inverse head and shoulders target reached.

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We can see in the main chart we turned from red line which was resistance at June. After that we have 7880 which is 1:1 target and fib level.

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I have tried to share small timeframe movements too but when changes was too quick it didn't helped i think.

dr.orientem

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dr.orientem

Also on:

Related publications

BITCOINS ONE LAST CHALLENGE

by dr.orientem