BTC seems to be forming reverse H&S on the hourly. If it breaks 6500-6534 (6534 being hourly EMA 100 average, which is already good proven strategy to go between bullish and bearish) and holds, it is short term bullish - with two possibilities:
1) the 6900 - 7000 target, as I predicted in this longer-term analysis:
2) the bulls will be weak and it will form only lower high (below 6800), so the whole thing will just be a bigger bear flag. Watch for this possibility, as Bitcoin is pretty weak last days.
In both scenarios I think will be good opportunity to enter short on those tops, unless new strong players or news come to the market. See my analysis mentioned above.
Warning: do not enter on breakouts using automatic stop buys/sells now. There are lot of fakeouts on Bitcoin. Be careful, check for volume etc, watch it to exit early if it goes wrong.
PS: watch ETH for similar pattern, with bigger % potential but also bigger risk and not so easy estimation of levels. If you trade ETH or ALTs always remember that the price of every altcoin is driven more by price of BTC than the patterns in its own chart. Ripple in September was just an exception.
1) the 6900 - 7000 target, as I predicted in this longer-term analysis:
2) the bulls will be weak and it will form only lower high (below 6800), so the whole thing will just be a bigger bear flag. Watch for this possibility, as Bitcoin is pretty weak last days.
In both scenarios I think will be good opportunity to enter short on those tops, unless new strong players or news come to the market. See my analysis mentioned above.
Warning: do not enter on breakouts using automatic stop buys/sells now. There are lot of fakeouts on Bitcoin. Be careful, check for volume etc, watch it to exit early if it goes wrong.
PS: watch ETH for similar pattern, with bigger % potential but also bigger risk and not so easy estimation of levels. If you trade ETH or ALTs always remember that the price of every altcoin is driven more by price of BTC than the patterns in its own chart. Ripple in September was just an exception.
Comment:
We already broke 6500, bull volume increasing. I am not entering yet, just getting ready. I will probably watch BTC and enter long on ETH as well :-)
Comment:
BTC has been rejected from the key hourly EMA 100 level (6532 now). We will see if it can go back up and close above it.
