WregTheChartGuy

Potential area of value for BTC / Crypto as a whole but be wary.

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC and just Crypto in general could easily see a reversal to the upside here. This is given that the very prominent head and shoulders pattern doesn't break to the downside which is why we have stop losses in place. Very good looking reward to risk ratio for this swing trade. Targets are based on Fibonacci, basic support and resistance and potential rejection points which aren't shown on the chart.

Currently on the 4h there is clear bullish convergence at the bottom of this smaller descending triangle which could send the value up by another 20% and this could just be a "higher low" on the macro sides of things. Although it would be good to keep in mind that the Daily 200MA is sat at around 40k.

Comments

Isn't the target on the head and shoulders a negative USD valuation?
+4 Reply