Hello Cryptoholics!
Just doing a little charting and seeing that we have a potential H&S pattern formation in the works.
If price comes back down to the neck line, then breaks down, I will be looking for a short entry.
The measured move for this H&S pattern takes price action back to the prior ATH around $20K.
If we drop below $30K, then I suspect it will be a quick ride down to the 0.618 Fibonacci around $23-24K.
This pattern may be invalidated if we start closing 4H above $36,420.
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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
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Entry: 31521.5
Entry Zone: 33390 - 30400
T1: 29325
T2: 27625
T3: 26400
T4: 23850
T5: 21700.0
Stop: 34610.5
--
R:R: 3.18
Risk: 9.80%
Reward: 31.16%
Leverage: 4X
Leveraged Risk: 39.2%
Leveraged Reward: 124.64%
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Just doing a little charting and seeing that we have a potential H&S pattern formation in the works.
If price comes back down to the neck line, then breaks down, I will be looking for a short entry.
The measured move for this H&S pattern takes price action back to the prior ATH around $20K.
If we drop below $30K, then I suspect it will be a quick ride down to the 0.618 Fibonacci around $23-24K.
This pattern may be invalidated if we start closing 4H above $36,420.
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Entry: 31521.5
Entry Zone: 33390 - 30400
T1: 29325
T2: 27625
T3: 26400
T4: 23850
T5: 21700.0
Stop: 34610.5
--
R:R: 3.18
Risk: 9.80%
Reward: 31.16%
Leverage: 4X
Leveraged Risk: 39.2%
Leveraged Reward: 124.64%
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
