Possible long trade:
- Has recently hit the weekly support and has started to move up
- Head and shoulders patterns on the daily
On the break of the neckline and retest of the support (now resistance), I will take the long trade to the next resistance level.
If the price does not break the neckline and continues to go down, it could mean a possible long entry...
Anybody who thinks this count is easy by all accounts is a master..... which takes me out !
Hidden within is a possible inverse head and shoulders but not confirmed with a strong break above $10980 to confirm.
21 EMA = white line
233 EMA = purple line
If this is a triangle pattern then (2) will...
-4h penetrated 10 and 20 EMA and closed above them
-we hit a region from where a 100% rally came, so some buy volume is expected in this area
-usually grows when btc is growing
-a few bullish patterns formed
-could just be a volatility
-increased volume after breakout, but still overall low
MY BIAS FOR THIS PAIR IS SHORT BECAUSE PRICE IS AT A OVERALL DOWNTREND AND HAS REJECTED THE DESCENDING TREND LINE AND HAS FORMED A HEAD AND SHOULDER PATTERN, I WILL BE LOOKING FOR POTENTIAL SHORT ENTRIES AT THE NECKLINE OF THE HEAD AND SHOULDERS PATTERN.
Based off my previous idea, this idea seems more logical. Inverted head & shoulders followed by a re-test of the neckline. The exchange rate also shows a 50% retracement and candles getting smaller and wicks getting longer suggesting a decrease in momentum.