BTC possible short - First target 8600
Hey, this is my first idea ever published. Please note that I might be completely wrong, and that It's made just to add some idea on where the price might go. I will be really glad for any comment reagrding anything wrongly interpreted in my idea since it's my first idea since I started learning TA.
Right now there are two scenarios that I can see happening in the near future. Either we will break above 11500 level, which would indicate further growth to price point of 16222 measured from the bottom of the inverse H&S to the neckline projected upwards from the neckline. So far I see this scenario less likely due to the fact that volume should expand on the break from the inverse head and shoulders. It is still a possibility though, and it should be taken into consideration. In this case I would recommend to enter the market on the retracement move of the breakout from the inverse H&S since you want to avoid getting caught up in the failed break out.
If the inverse H&S doesn't play out, we can see a big drop to the first support level of approximatelly 8600. From there I would expect it to form a possible falling wedge that could bottom close to the recent 6000 low. Falling wedge is a bullish continuation pattern, and sucessful break above could as well mean the end of the correction. As you can see from the RSI, we broke already broke above bearish 28day RSI. If this scenarion would be about to happen, I would enter the market on the retracement move of the break out of the possible falling wedge confirmed both by RSI, and by completion of the pattern.
Hope it made sense, and I hope that I didn't scare you off with my poor english, since I'm not originally from the english speaking country. Enjoy, leave a comment and have a great day!
Right now there are two scenarios that I can see happening in the near future. Either we will break above 11500 level, which would indicate further growth to price point of 16222 measured from the bottom of the inverse H&S to the neckline projected upwards from the neckline. So far I see this scenario less likely due to the fact that volume should expand on the break from the inverse head and shoulders. It is still a possibility though, and it should be taken into consideration. In this case I would recommend to enter the market on the retracement move of the breakout from the inverse H&S since you want to avoid getting caught up in the failed break out.
If the inverse H&S doesn't play out, we can see a big drop to the first support level of approximatelly 8600. From there I would expect it to form a possible falling wedge that could bottom close to the recent 6000 low. Falling wedge is a bullish continuation pattern, and sucessful break above could as well mean the end of the correction. As you can see from the RSI, we broke already broke above bearish 28day RSI. If this scenarion would be about to happen, I would enter the market on the retracement move of the break out of the possible falling wedge confirmed both by RSI, and by completion of the pattern.
Hope it made sense, and I hope that I didn't scare you off with my poor english, since I'm not originally from the english speaking country. Enjoy, leave a comment and have a great day!
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