Observation:
If BTC's pullback is to a reasonable fib.level such as the previous support of 7600, and then rallies up, it will complete the inverse\inverted H &S, and hence in pink, the height of the move.
If BTC consolidates within the previous low and this the new high, 8100, bouncing within the pennant, this too will launch it towards the 9200 to 9500 range.
Note the black line going through the major trend, acting as a resistance line for todays top price.
In each case, it is a bullish perspective with a lot of potential.
I also noted the shorts are going up.
Its a theory worth watching as it develops.
I'm not going to discuss the bearish scenario in this picture as I have done it in other posts.
If BTC's pullback is to a reasonable fib.level such as the previous support of 7600, and then rallies up, it will complete the inverse\inverted H &S, and hence in pink, the height of the move.
If BTC consolidates within the previous low and this the new high, 8100, bouncing within the pennant, this too will launch it towards the 9200 to 9500 range.
Note the black line going through the major trend, acting as a resistance line for todays top price.
In each case, it is a bullish perspective with a lot of potential.
I also noted the shorts are going up.
Its a theory worth watching as it develops.
I'm not going to discuss the bearish scenario in this picture as I have done it in other posts.
Note
where the resistance lines match for the potential inverted H&STrade active
Stopped at exactly on the fib ring as per the first resistance when it hit above 8kTrade closed manually
I believe we are now in a change in trend towards the downside. Hence closing this off with the following thoughts.Note
If it finds support at the 7100, then the pennant is still in play and hence uptrend to continue.
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.
Discord: discord.com/invite/vb4hbP88vb (TradeToProspa)
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
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.