To start things off, I've only been doing TA for a few months now. I'm not an expert on TA and this is just an opinion of my own. If you have any comments regarding my idea / strategy, feel free to comment it below. Thanks!
3 reasons to long BTC:
1. Elliot Wave: Wave 4 cannot cross the territory of wave 1 (Blue)
2. Bullish Divergence (Green)
3. Double Inverted H&S (Purple)
Elliot Wave:
Looking at it in a long term perspective, I read that the territory of wave 4 cannot cross the territory of wave 1. Wave 1 ended at around 9100, depicted by the bold red line on the chart. All we're looking for right now is a bottom somewhere at around the current price of 9200-9300. It could possibly be the recent 9260 one. We're still not quite sure, but all I know is that it's going to have a hard time going down from here because of this rule.
Bullish Divergence:
Looking at the MACD 1H Chart, I noticed an increasing amount of buy volume on its way down. This could be seen as the green lines on the chart and could suggest a possible bullish reversal at this point.
Double Inverted H&S:
Because of the Elliot wave, the Bullish Divergence, and the current price action, I can see around 2 Inverted Head and Shoulders Pattern, one inside of the other. The necklines are indicated by the purple lines located at around 9800 and 10500. I have a feeling bears won't let the bulls run off so easily and add some resistance to extended uptrends.
I placed some possible good buy areas if any of these patterns come into play. 9400 still seems like a risky price to buy, since I'll never be sure if these patterns will actually turn out to be true. Looking forward to good bull run til then.
3 reasons to long BTC:
1. Elliot Wave: Wave 4 cannot cross the territory of wave 1 (Blue)
2. Bullish Divergence (Green)
3. Double Inverted H&S (Purple)
Elliot Wave:
Looking at it in a long term perspective, I read that the territory of wave 4 cannot cross the territory of wave 1. Wave 1 ended at around 9100, depicted by the bold red line on the chart. All we're looking for right now is a bottom somewhere at around the current price of 9200-9300. It could possibly be the recent 9260 one. We're still not quite sure, but all I know is that it's going to have a hard time going down from here because of this rule.
Bullish Divergence:
Looking at the MACD 1H Chart, I noticed an increasing amount of buy volume on its way down. This could be seen as the green lines on the chart and could suggest a possible bullish reversal at this point.
Double Inverted H&S:
Because of the Elliot wave, the Bullish Divergence, and the current price action, I can see around 2 Inverted Head and Shoulders Pattern, one inside of the other. The necklines are indicated by the purple lines located at around 9800 and 10500. I have a feeling bears won't let the bulls run off so easily and add some resistance to extended uptrends.
I placed some possible good buy areas if any of these patterns come into play. 9400 still seems like a risky price to buy, since I'll never be sure if these patterns will actually turn out to be true. Looking forward to good bull run til then.
Trade active:
So far, the pattern is still intact. It flew a lot earlier than expected, nevertheless the pivot points are still positioned on the right areas. I'm guessing we will max out here at 10400-10500 with another small head and shoulder pattern. This will push us back to 9600-9800, but hopefully shoot us right up towards another long bull run.
Comment:
Shifted the pivot points earlier in time just so it won't get confusing.
