TheTrex

Bitcoin - The Inverse Head and Shoulder Scenario

BITSTAMP:BTCUSD   比特币/美元
I will be posting new charts more frequently if older once stop supporting the trend lines , the market tends to evolve quite rapidly after all. In this scenario, we see an Inverse H&S , which should normally result in upward price movement. It will retest where the major resistance is aka             begin dump and historical resistance points. At these resistance points it will correct, also fibs retracement and will make a cup and handle to break through these upper resistance levels, resulting an end of the dump. We might see a double top forming or it might even break the ATH             (https://cointelegraph.com/news/suddenly-bitcoin-to-be-officially-legal-in-india) sending it to new levels. For now this chart should support us with bitcoins             movement. So stay tuned!

评论: I wont be making many short term calls now. I got 2 senarios, either bullish continuation to 4K or bearish to 1880.
评论: 4H looks toppy
评论: If we break down at 2625 we are heading down to lower floors.
评论: BTC failing inverse head and shoulders. The first picture i posted should be a reference
交易开始
评论: I want to make a very clear statement, holding margin positions is now dangerous. Have a read on this article, this happened on Ethereum on GDAX Exchange. The possibility that these sell offs of a mega whale can happen is present for all pairs that are being margin traded. I think this is bad news since the market is is kind of overbought/toppy and other longterm holders might decide to do the same or are scared that even their margin gets liquidated.

Very useful read: https://media.consensys.net/why-the-gdax-ether-flash-crash-isnt-surprising-and-what-it-means-for-crypto-2618c98779f6

At this point in the market I won' t be opening any margin positions anymore. Gains are better but losing all is just terrifying.
评论: I made this Weekly chart to better understand what the larger time-frame and momentum could be doing. We did create the cup, but if it doesn't break up I'm afraid the Inverse H&S won't be strong enough. Double top could be possibility, but I wont be going for a new ATH this year.

评论:
评论: At the moment hourly indicators at high and look like going down. This could break the triangle down and would dump the price to around 2550-2600. We have to wait for a real outbreak now, but it looks like going down.
交易开始: Seems to stay inside on 15min chart, we could be heading upwards if this breaks out, but until it breaks out everything is possible.
评论: Seems to be breaking down now.
评论: Lots of undecisive sideway movement.
评论: The Inverse Shoulder Scenario is now officially rejected. Will keep doing updates on here, btc going down at the moment.
评论:
评论: Dumpchannel should act as supportive channel now. Should bounce at 2525 USD
评论: If we break channel strong bearish continuation. next support 2450
交易开始
评论: By the way we also failed the blue box fractal that should act as the previous run up. Another indication this bull run might fail!
评论: Breaking down the dump channel! Bad sign!
评论: Should be heading towards 2300-2450
评论:
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Great work TheTrex. I appreciate your updates, thanks.

I think it should move down to 2300$ as well.

Yet i cannot rule out a rebound on 0.382 ( 2430$ ).
What do you think about that?


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By the way, in my opinion these are the key levels to watch (as of today) : 2324$ ( Daily SMA50 ) and 1764$ ( Daily SMA100 ).
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Do you think we can test the 2100 to 2200 area?
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after bounce?
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When do you think would be a good entry point?
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Take look at this. Maybe it's correct.

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So at the end this is playing as expected.
Congrats.
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@ft-73, We still have to break the cup up.
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ft-73 TheTrex
@TheTrex, why not painting a gracious handle ? :)
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@ft-73, Just did an update, check the weekly chart and say what you think.
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