At the moment, I'm short with a target at the green box, which has confluences galore:
- golden pocket retrace of the move up from $6.4k to $10.5k
- back test of channel that BTC broke out of on the move up - channel that had held since June 2019
- support of the uptrend line from $3k levels
adding to this.. if inverse head and shoulders plays out (left shoulder fractal is flipped and added as right shoulder here), the profit target from that would be ~$7850, just above our target range
safe entry would be to wait for iHnS to play out, and short on retest of pink line at $9140
- golden pocket retrace of the move up from $6.4k to $10.5k
- back test of channel that BTC broke out of on the move up - channel that had held since June 2019
- support of the uptrend line from $3k levels
adding to this.. if inverse head and shoulders plays out (left shoulder fractal is flipped and added as right shoulder here), the profit target from that would be ~$7850, just above our target range
safe entry would be to wait for iHnS to play out, and short on retest of pink line at $9140
Note
or screw the right shoulder and go straight to the dump! haha(also, definitely mean regular head and shoulders :facepalm)
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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.