BTC Appears to be forming a H&S on the 1 HR Time Frame.
The 200 EMA (Red Line) Appears to be supporting the price action at the moment. Should it happen to close below the 200 EMA I expect a rapid sell off to the neckline. If we close below 8,350 I will open a short position with a tight S/L Just above the neckline. R:R seems favorable under those conditions but for now I'll wait and see.
If the H&S were to break, My first target will be the .618 Fib of the latest move from the 7.2k Low. I expect a nice little bounce from there and if we fail to hold it, a retest of the trend line from the lows of 5.9k Earlier this month will ensue. There is a lot of support under the H&S so if you were to open a Short position, I would keep a close eye on it and take profit aggressively.
This will only occur IF the H&S formation is completed and broken.
The 200 EMA (Red Line) Appears to be supporting the price action at the moment. Should it happen to close below the 200 EMA I expect a rapid sell off to the neckline. If we close below 8,350 I will open a short position with a tight S/L Just above the neckline. R:R seems favorable under those conditions but for now I'll wait and see.
If the H&S were to break, My first target will be the .618 Fib of the latest move from the 7.2k Low. I expect a nice little bounce from there and if we fail to hold it, a retest of the trend line from the lows of 5.9k Earlier this month will ensue. There is a lot of support under the H&S so if you were to open a Short position, I would keep a close eye on it and take profit aggressively.
This will only occur IF the H&S formation is completed and broken.
Comment:
.618 Fib Seems to be holding. Scaled out of my position 75% and will go long upon confirmation of a reversal
Comment:
Short closed. Not sure how much lower we'll go but 7.7-7.8k seems like a decent place to go long