Dear Traders,
Here is a new update on the 30 minute and hourly chart of Bitcoin.
We have already seen several head shoulder formations over the last month where a few have failed with the reachtion of a hefty counter move.
On the short-term chart we see 2 main shoulder formations. The red one has broken through the neckline and has also been tested. This pattern has therefore been validated.
The gray head and shoulders is also on its way to the target.
The target for the2 H-S formations is the neckline of a much larger H-S formation.
The largest head shoulder formation can be seen on the left in turquoise. 2 possibilities here. Either we bounce upwards on the neckline or we bounce down and see the much lower targets. I personally expect a bounce so the orange arrows.
Important for now is the 1st target at the neckline around 53500
You can stretch the charts wider to zoom more in detail.
Please check also my other analysis of Bitcoin
This is my personal view of Bitcoin and not advice to trade. Best always do your own research of course stops and money management.
Dear traders if you appreciate my analysis I am happy if you follow me and give it a like. Thank you!
Here is a new update on the 30 minute and hourly chart of Bitcoin.
We have already seen several head shoulder formations over the last month where a few have failed with the reachtion of a hefty counter move.
On the short-term chart we see 2 main shoulder formations. The red one has broken through the neckline and has also been tested. This pattern has therefore been validated.
The gray head and shoulders is also on its way to the target.
The target for the2 H-S formations is the neckline of a much larger H-S formation.
The largest head shoulder formation can be seen on the left in turquoise. 2 possibilities here. Either we bounce upwards on the neckline or we bounce down and see the much lower targets. I personally expect a bounce so the orange arrows.
Important for now is the 1st target at the neckline around 53500
You can stretch the charts wider to zoom more in detail.
Please check also my other analysis of Bitcoin
This is my personal view of Bitcoin and not advice to trade. Best always do your own research of course stops and money management.
Dear traders if you appreciate my analysis I am happy if you follow me and give it a like. Thank you!
Note
target reached at the necklineNote
Trade closed: target reached
For now target reached at 46044. We will see a rebound.Trade closed: target reached
Note
Now we see a bearish bearflag with continuation of the down trendNote
Hello Traders,Please check this chart. Good chance that Bitcoin continue to decline with the Bear Flag.
Note
Target now the neckline of the bigger H-S formation. Will this line hold that remains to be seen. I would like to see a positive divergence in the RSI before buying this decline. Right now it seems like catching a falling knife.Elon Musk seems to have dropped Bitcoin after he will not accept BTC as payment for new cars anymore! BTC dropped 10% on the tweet!
Note
Traders we are going to hit new lower targets:Trade closed: target reached
Hello Traders, This trade is closed because all targets have been hit.The big Head and Shoulders formation was almost exact predicted by me.
You can also see in the first chart that Bitcoin bounced at the lower boundery of the trendchannel.
Please follow for updates and if you like my work please give me a like . thumbs up!
Thank you and wish you very good profits!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.