Einsteinium / Bitcoin - Breakout of 'head and shoulders' pattern

POLONIEX:EMC2BTC   Einsteinium / Bitcoin
  • If the price breaks above the last high (shown by comment A) we can think about buying. I already have a buy-stop in place for this.
  • The initial stop will be under the current range (shown by comment B).

We're going to manage the trade by moving a stop up under the lows on the daily timeframe . If the price makes any substantial move in one day we can break down to a smaller timeframe to make sure we capture some profit before it collapses (something common in these cryptos)

What analysis i'm doing:

  • If we break above the last high the price will be forming a reverse head and shoulders pattern.
  • More important for me is the general shape the price is forming (shown by the blue curved line). Although a bit messy the price is stopping moving further down slowly giving time to properly reset before moving upwards again. It's good to see the price moving sideways like this above the last lows. The market is accepting the the current higher price as a new base.
  • We already have two good wicks on the last lows and a high low (shown by comment C)
  • The moving averages arecrossing and the price is holding, more or less, above the faster one.
  • We can get some really good risk to reward on these cryptos so attempting an early buy like this can pay off.

i'll consider this setup invalid if the price breaks below the range, and will then have to re-asses.

Good luck everyone!

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