Bitcoin Head and shoulders formation - See it here!

HS Formation

Dear Friends

A quick but brief update here on the hourly chart.
Bitcoin has clearly formed a HS formation and the neckline of this formation has already been re-tested.

The Target is now 34684 and from there we will see again how the structure develops.

Also be sure to check out my previous updates on Bitcoin as they belong together. The others show the middle term targets.

--- > In this market I advice to use tight stops. <---

Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.

I wish you all good luck with trading!

Disclaimer This is my view, no advice to buy or sell. Also always do your own research!

--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚

Comment:

Forming of the right shoulder of a bigger HS formations possible that will happen ...

Dear friends

2 scenarios could happen. Please note these are hypothesis!

Scenario 1
Price rebounds up to the green neckline at 39000 and continues down to the target of 34379.

Scenario 2
Price breaks through the green neckline and invalidates the first HS formation but then forms the right shoulder of the orange HS formation.
The target would then be 32125.

Interestingly, in scenario 1 This is the 0.618 fibonacci level and in scenario 2 it is the 0.786 level.
If price goes under the 0.786 we will be heading to the old low.

This happens sometimes with the formation of HS formations. You can see that by the 2 necklines which are crossing.

So again these are my ideas and of course it can fail as everything can fail in TA.

Comment:

Bullish falling wedge
Dear friends,

I close the trade because in my opinion BTC will first retest the 0.618 Fiblevel which is exactly the target of the bullish falling wedge.
The target is 40580 and stop loss level 37377.

Then we have formed a new bearish Head and shoulders as seen in my updates to go short.

Comment:

Dear friends,

The trade is going as expected. Now we need to see how it evoluates. We are forming now the right shoulder of this HS formation. The green one which was not a perfect one is invalidated but this orange one has a chance.
The orange will be invalidated when the price goes higher than 41-42600 because the right shoulder cannot be higher then the head.
The outbreak happened with good volume so that always validate it.

Succes dear friends and please share your idea's here.

Comment:

Closed Long position

Dear friends,

I closed the long position. Volume is declining, price is rising. The target almost reached.
A possible scenario is that we form the right shoulder of the HS formation mentioned in the updates before. Should that be the case than the HS formation has a target of about 33000.
I am not shorting BTC unless we will break below the neckline and re-test it.
Wish you all good luck friends and happy trading!

Comment:

Trade closed: target reached:

Update wedge
The levels from the trading range are still valid and in between you can trade on shorter timeframes if you have the time to monitor it intraday of course.
Right now we see price bouncing with nice volume This will not invalidate the HS pattern yet but it will also not fall in on straight line under the neckline.
My idea is that price can even go again to the top of the range because BTC is forming a falling wedge
Wish you very good profits dear friends!

Comment:

Short update
We see a head and shoulders and a bearish rising wedge has formed.
If the price of BTC rise above 42600 then the HS formation is invalid and the bullish falling wedge from the last update comes in play.

The levels from the other idea's in the range are still valid untill price breaks out to the upside or downside.
Succes dear friends!