Here's how my sentiment shifts based on price levels...Traders,
I recognize that not all of you want to watch a long TA vid with me droning on and on about trendlines, trading patterns, price movement, etc. etc. Personally, I am a big fan of BLUF, Bottom Line Up Front. Just give me the quick and skinny and I'm out. This could come in the form of bullet points, headline items, or infographs and charts. Video time takes commitment. Therefore, I will begin to post more content than just my day-to-day video updates and alerts.
Here's a chart that breaks down where my sentiment and bias begins to shift. For those new, you should know that although H&S patterns play out a whopping 85% of the time (that is massive probability that most other patterns cannot achieve!), I went against the grain and anticipated that this H&S would not play out. Why? Because of what I suspected to be a malformed, or not fully formed, right shoulder. Though, I was not sure, I wondered if this was a true H&S pattern.
Additional theories I purported were that because the shoulder was small, maybe it meant that Bitcoin would only drop HALF of the distance to it's final target. And, so far, this has actually turned out to be the case. Though, we still should be cautious that Bitcoin could still drop to this point.
Anyways, the point is, I am long above our BLACK line.
I grow BEARISH below and very BEARISH BELOW 30K.
On the plus side, above our BLUE TL & ORANGE support, I get BULLISH again.
Above the GREEN neckline and 200 day MA, this H&S pattern becomes invalidated. I am an all out BULL again.
UBER BULLISH above the second BLUE line. That's when I think we're going to 100k+
Hope this helps.
Best to you all.
-Stew
