BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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5
This what I see from the chart. The bottom of this trend is very close.
 
Comment: I am 40% coins and 60% fiat. My plan is to wait until the price reach very cheap price to accumulate. If the price goes up I will collect some profit and reduce the percentage of the coins in my capital to buy in lower prices. be careful about the strong resistance in the following chart.
Comment: This is my prediction for the next move
Comment: Sorry,
This is a correction for the previous chart. The H&S needs longer time to be well developed
Comment: The opportunity of going up is still valid. I put my target at the chart where I am planning to collect some profit ISA.
Comment: I expect a test for the support 6300 then bounce again to the target line. The reasons for this idea are illustrated in the chart.
Comment: The H&S pattern is confirmed if we break the neck (the green circle) with a stretch in volume. I am bull already and my target is small as indicated at the dashed green line. I use money management which means if the H&S fails, I have no problem. However, if the H&S successes I will have more profit. That is why it is important to follow a money management and do not trade all of your money in one go.

Comment: If you look at the following chart, you will find there is still some hope for bulls. The downtrend is slowing down and formed a falling wedge. It may start a small bullish trend from the right shoulder of the H&S or test the bottom then go up again. I expect that we could test the big triangle again before we continue the downtrend.

Comment: A bull flag is forming now, I expect to follow the green line.
Comment: The same volume of buying. So, I expect that this is a bull trap. I hope the price reach my target at 7300 before continuing the downtrend.
Comment: My target has been achieved. Now I am 25% in BTC and 75% in fiat. I do not care for how much the price will go up because when I buy cheap I will get more profit. My expectation is that we have a huge resistance ( the red rectangular) followed by the target of the H&S and then the downtrend line. So, I expect the price will go down at one of these resistances

Comments

A bull flag is forming now, I expect to follow the green line.
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Thanks for sharing your analysis!
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