XBTUSD, what you see is what you get, or do you?
Good morning traders and welcome to my next analysis.
We have quite an interesting situation, with the bulls and bears going head to head in an even competition
BTC has been operating in a tight range for the last 5 days with some sort of accumulation and multiple attempts at clearing the 8,900.
Another attempt to break 8,900 started today and while we see a candle through the resistance, we await for confirmation
2 scenarios:
1) Bullish scenario
Wait for confirmation of 4H over 8,900
Inverse H&S pattern forming
Strong momentum in the last 5 hours with bulls weathering the dump by bears
Conversion line (blue) has crossed the Base line (brown) in the 1H implying a potential upward movement with good support by the Kumo below
You can go long once confirmation of holding 8,900 is there (be aware of a fakeout!!!)
Targets at 9200/9472/9613
SL: Tight at 8,660
2) Bearish scenario
BTC is also forming a double top on the 1H
If fails to clear and hold 8,900, the double top will come in to play and we can open a short position
Key target in case short plays out is at 8,520 where we see the next PA to determine our course of action
On the 4H we still have a red Kumo as resistance, which BTC has to penetrate to confirm reversal.
Rejection of Kumo will be confirmation of short position
Thanks for your reading of my ideas. Please support with likes. It motivates me to generate more content on this platform.
This is not financial advise but merely a representation of what can potentially play out.
Leveraged position can be risky and should be restricted to the max amount you are willing to lose.
Safe trading and good luck!
We have quite an interesting situation, with the bulls and bears going head to head in an even competition
BTC has been operating in a tight range for the last 5 days with some sort of accumulation and multiple attempts at clearing the 8,900.
Another attempt to break 8,900 started today and while we see a candle through the resistance, we await for confirmation
2 scenarios:
1) Bullish scenario
Wait for confirmation of 4H over 8,900
Inverse H&S pattern forming
Strong momentum in the last 5 hours with bulls weathering the dump by bears
Conversion line (blue) has crossed the Base line (brown) in the 1H implying a potential upward movement with good support by the Kumo below
You can go long once confirmation of holding 8,900 is there (be aware of a fakeout!!!)
Targets at 9200/9472/9613
SL: Tight at 8,660
2) Bearish scenario
BTC is also forming a double top on the 1H
If fails to clear and hold 8,900, the double top will come in to play and we can open a short position
Key target in case short plays out is at 8,520 where we see the next PA to determine our course of action
On the 4H we still have a red Kumo as resistance, which BTC has to penetrate to confirm reversal.
Rejection of Kumo will be confirmation of short position
Thanks for your reading of my ideas. Please support with likes. It motivates me to generate more content on this platform.
This is not financial advise but merely a representation of what can potentially play out.
Leveraged position can be risky and should be restricted to the max amount you are willing to lose.
Safe trading and good luck!
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.