BITCOIN / BTC It's going to be very exciting!

Dear traders!

I have been studying this daily chart of Bitcoin today and come to the conclusion that things possibly are not looking good for Bitcoin after all but there is still a little spot of light which could change things.

If you make a line chart of Bitcoin on a weekly basis you will see this head and schoulders formation is perfect. In fact it is one from a text book!
I would even say. If you take away the price scale and you show this to traders then 90% will agree that this is a very valid fead shoulder formation. I will attach a screenshot.

The neck lines of the chart are laid on the candles without wick, so on the closing price of the day's candle. but the 2nd line below is on the full candle including the low (wick). Both have broken through this neckline.

It could still be that we are going to see a failed head shoulder formation but then we need to see a counter move in the opposite direction under high volume. As it can be seen here.

Final bright spot. It could be that the red neckline is the valid one and there we are still forming the right shoulder.
Note also the volume in Bitcoin, Heavy with increasing prices but drying up when we hit all time high. Then increasing volume in the right shoulders declining price.

All in all very exciting and hopefully this analysis of Bitcoin in the somewhat longer term will be of some use for you!

I wish you great and safe trading!

Comment:

Dear Traders,

Bitcoin has also breached the lower neckline and therefore it is wait and see how the day's candle closes.
Watch carefully because head shoulder patterns that fail provoke an aggressive move. So in this case upwards.

The UP trend on a daily basis was already broken when we closed lower than 50000@ We made a lower low and was later confirmed by a higher low at 59510.
We now have another new lower low at 46000 so we already need a close above 60000 (the last swing high) to reverse the longer down trend.

Zooming out and zooming in are THE tools to get a better view of the market. Going into detail on an hourly chart doesn't make much sense when the bigger picture has clear direction. The smaller time frames are perfect for determining your buy or sell moments.

Also pay close attention to the red trend line as this is also a main shoulder formation where we are now in the process of forming the right shoulder.
Should this red trend line close lower with a day candle then unfortunately I only see 29964 as a target.

So please pay close attention in this complicated movement that wants to lead everyone on the wrong track!

Comment:

Dear Traders, here the 1 hour Bitcoin chart and we see a small H-S pattern has formed where the neckline has already been re-tested.
I expect now as first targets:
Target 1 46800
Target 2 46014

Comment:

Here you see another view.

Comment:

Here a progression of the smaller H-S pattern:

Comment:

Traders we are going to hit new lower targets:

First target almost reached and then we are going to test the lows at 46000.
Be prepared for countermoves that is absolutely normal. Specially on the low at 46000.

Comment:

Traders, we still don't have a close on Daily candle under the second neckline.
That means it is still not sure if it will break or not.
We do see higher volume in the right shoulder so that is a bearish sign. Also many traders think it can only go up but the truth is believe or not believe. Trade what you see on your chart and place stops and money mangement (1% max rule).
Let the predicions over to guru's because unless you are a buy and hold investor, it is completely useless and can put you on the wrong track!

Comment:

Guys see the new analyse with the breakout of the down trend channel

Trade closed: target reached:

For now I expect a rebound but our shorter term target was hot exact!

Comment:

And we continue as you see target 2 also hit:

Comment:

Dear traders,
Here is a quick update for Bitcoin
We may see a rebound here. We are seeing the formation of a falling wedge here.
Not without risk but Bitcoin is now very oversold again and we have a positive divergence in the RSI!
Always use stops and money management!
Trade safe guy's! Wish you good profits!

Comment:

Traders here you see some statistic about the last drops in Bitcoin!

interesting and you see that at a certain moment you get a rebound. Often when lots of traders a liquidated or stopped out. That hurts and many times the price change direction and that hurts even more.
But you can do something about it. You a plan, stops and 1% max risk per trade!