H & S or bull trap ? I'm still confident that this Williams Fractal set-up will cradle the market for the next leg up. I haven't been getting any signals on MACD or Stoch RSI for quite a while. So here's an idea on the 4 hour chart. I've marked the key points in the Stoch RSI with green lines and arrows. The last pattern the preceeding oversold condition read 12.5 at its lowest, and the following oversold condition dropped bleow that to 5.4. Therefore I'm thinking that if expecting the next leg up then the preceeding oversold condition to the current one read 1.7 at its lowest. For a buy opportnity this time I'm thinking maybe oversold condition will have to drop to less than 1.7. Hopefully the price will also still be within the safe zone of the Wiliams Fractal cradle. It's touching zero at the minute so this 4 hour bar could be the make or break. Sorry, but this post will appear after the four hour bar I'm referring too closes. Then again the low of that bar should hold if it repeats like last time.
Comment:
Stoch RSI heading up looks promising double bottom. Many analysts say market has got to end up by so much today or trouble, and looks like will do.
Comment:
Latest post for 4 hour chart
Bitcoin price channel ready to fire upward Y/N
I think there is a lot of buying power below the low that's been made i.e. lots of Fib support, and I don't think there is much left on the downside even if it did break lower.
Bitcoin price channel ready to fire upward Y/N
I think there is a lot of buying power below the low that's been made i.e. lots of Fib support, and I don't think there is much left on the downside even if it did break lower.
Comment:
Yellow line second 'E' badly drawn. Here are two possible calculations one real and one theoretical.
Drop of first "E" $11,065 - $ 10,210 = $855. Therefore drop of second "E" is real rise of "B" to $9,177 - $855 = $8,322. Alternatively, rise of first "B" was $11,065 - $9,280 = $1,785. Therefore, theoretical rise of second "B" was $7,240 + $1,785 = $9,025. Then theoretically second drop "E" $9,025 - $855 = $8,170.
Drop of first "E" $11,065 - $ 10,210 = $855. Therefore drop of second "E" is real rise of "B" to $9,177 - $855 = $8,322. Alternatively, rise of first "B" was $11,065 - $9,280 = $1,785. Therefore, theoretical rise of second "B" was $7,240 + $1,785 = $9,025. Then theoretically second drop "E" $9,025 - $855 = $8,170.
Comment:
In my latest postings I've identified new big downside risks. Maybe I should also note that bounce after "E" last time was beginning of new month and we have not reached end of March yet.