BTC above 20k in 2020? invere Head & shoulders in the making?
BTC made a higher high on the Macro Structure (weekly/daily HH close)
Currently I see the 5k charts popping up left and right so time to take a look and see what is really going in the BTC chart.
Whenever a HH is formed in the market after a lower high , you usually want to buy the the higher low.
So where can we expect the higher low?
Well let's take a look at the chart
Usually what you want to do is buy horizontal support in confluence with reversal fibs.
The 0.705/0.618 fib zone often provides an excellent oppurtunity to buy a correction.
As we can see we havce nice confluence in the grey zone where horizontal support can be found.
When I take a look at the chart I can see we made nearly equal highs on the wicks and this could provide for an oppurtunity to form an inverse head & shoulders.
If we were to form an inverse head & shoulders the price would need to find support in the grey box which gives nice confluence with the support/fib levels.
My long term wavecount and subwavecount also confirms that we could find support in the grey zone.
IF we find support at the zone I am looking at, and the inverse head & shoulders is confirmed, the pattern + the wavecount show me a new all time high is possible.
This chart is offcourse highly speculative and is not financial advice, just view it as a possible scenario to keep in the back of your head among all the fud
Currently I see the 5k charts popping up left and right so time to take a look and see what is really going in the BTC chart.
Whenever a HH is formed in the market after a lower high , you usually want to buy the the higher low.
So where can we expect the higher low?
Well let's take a look at the chart
Usually what you want to do is buy horizontal support in confluence with reversal fibs.
The 0.705/0.618 fib zone often provides an excellent oppurtunity to buy a correction.
As we can see we havce nice confluence in the grey zone where horizontal support can be found.
When I take a look at the chart I can see we made nearly equal highs on the wicks and this could provide for an oppurtunity to form an inverse head & shoulders.
If we were to form an inverse head & shoulders the price would need to find support in the grey box which gives nice confluence with the support/fib levels.
My long term wavecount and subwavecount also confirms that we could find support in the grey zone.
IF we find support at the zone I am looking at, and the inverse head & shoulders is confirmed, the pattern + the wavecount show me a new all time high is possible.
This chart is offcourse highly speculative and is not financial advice, just view it as a possible scenario to keep in the back of your head among all the fud
My ideas are not meant for trading advice, always do your own research. Always be prepared for bull and bear scenarios
If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ
If my ideas were helpfull, feel free to donate here: 1Kufwyg8tq8s76SUfCPvCZUVgLxSha8UZZ
In that confluence zone in grey?
Oh yes