BitcoinUpdated iH&S in the making
A lot of market participants seem to be following this developing iH&S. This is why it likely will fail to complete.
- I'll long the bottom of the right shoulder once confirmed
- I'll build a short position between 6800-6950
few big players still move this market, distribution of bitcoin has basically just begun. unlikely that 6k is the bottom; it's still a decent price compared to 1 year ago (1D close of July 12, 2017 was at 2,386 --> +151% to 6k).
BUT: big accounts have no interest in a crash; they want an enduring bleed to load off on the rallies. a panic scenario would scare away buying volume for years.
- I'll long the bottom of the right shoulder once confirmed
- I'll build a short position between 6800-6950
few big players still move this market, distribution of bitcoin has basically just begun. unlikely that 6k is the bottom; it's still a decent price compared to 1 year ago (1D close of July 12, 2017 was at 2,386 --> +151% to 6k).
BUT: big accounts have no interest in a crash; they want an enduring bleed to load off on the rallies. a panic scenario would scare away buying volume for years.
Trade active
set buy order at 6167.5Trade closed: target reached
many thanks!
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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.