A possible H&S in Bitcoin
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The neckline is being tested
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If the price can not overpass the neckline in the upward direction is considered broken.
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Broken support flips into resistance
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The breakdown was fast...
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The prices could find support in the 50MA around $6900 for a wee bounce
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50MA daily
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The price has found support around 50MA daily. Maybe a sideways trend for a couple of hours before the next move. I draw a descending channel, the centre line is S/R zone.
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The downtrend is overextended...likely a wee bounce
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Good morning to everyone
The price still in a sideways trend and bullish divergence starts to appear.
The channel's lower band is working well as support
The price still in a sideways trend and bullish divergence starts to appear.
The channel's lower band is working well as support
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The channel's centre line is resistance zone (S/R)
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Not much. The price is weak to bounce.
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The price has had a wee bounce
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Chart BTCUSD 3H. The magenta line is the 18MA, this moving average has been being
a drive for the downward.
a drive for the downward.
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The channel's centre line has been being good support...
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The price is recovering. The chart shows Fibonacci and S/R
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The initial TP of H&S is $6100 and still in play
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The resistance at $7150 did its work
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This is what has been happening the last 30 days
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Guys..if you like this idea give me a thumbs up!
Thanks in advances
Thanks in advances
Trade closed: target reached:
The initial target was reached $6100 - $6200
If the volume of the RS (which is in formation) is decreasing
and lower than the LS and H could be indicative that
the pattern is being completed.
Neckline $ 7300 - $ 7310
A pattern is not a pattern until it is completed and the
Its morphology is always a possibility.