Bitcoin BTC Bullish falling wedge / head and shoulders pattern
Aktualisiert
Hello traders,
Here we see the 2 hour chart of Bitcoin and a confirmed head shoulders pattern.
Target of the H-S formation is 37,000 usd. The neckline has already been retested as we saw already in my other charts. We also have higher volume in the right shoulder of the H-S formation which makes the pattern much more reliable.
Interestingly, we now see the also the development of a bullish falling wedge . Target seems to me 42,000 usd ( the tip) if price continues the downtrend while the H-S formation has a target of 37,000 usd.
These levels are also important horizontal key support levels which make it even more important!
How can we capitalize on this development? All patterns can fail so always think one step ahead. New patterns are continuously formed and as a trader you best adapt to this.
Specifically now we have 2 targets, 42.000 and 37.000 usd. If the price of Bitcoin breaks out of the falling wedge with good volume to the upside, the bearish scenario can be reversed. I don't expect it but the possibility always exists. So please keep this in mind.
Please also keep a close eye on the falling wedge . If the price breaks through the lower trendline, we will probably see a parallel downward trend channel developing to the 37,000 usd level which is then the target of our H-S formation.
Here we see the 2 hour chart of Bitcoin and a confirmed head shoulders pattern.
Target of the H-S formation is 37,000 usd. The neckline has already been retested as we saw already in my other charts. We also have higher volume in the right shoulder of the H-S formation which makes the pattern much more reliable.
Interestingly, we now see the also the development of a bullish falling wedge . Target seems to me 42,000 usd ( the tip) if price continues the downtrend while the H-S formation has a target of 37,000 usd.
These levels are also important horizontal key support levels which make it even more important!
How can we capitalize on this development? All patterns can fail so always think one step ahead. New patterns are continuously formed and as a trader you best adapt to this.
Specifically now we have 2 targets, 42.000 and 37.000 usd. If the price of Bitcoin breaks out of the falling wedge with good volume to the upside, the bearish scenario can be reversed. I don't expect it but the possibility always exists. So please keep this in mind.
Please also keep a close eye on the falling wedge . If the price breaks through the lower trendline, we will probably see a parallel downward trend channel developing to the 37,000 usd level which is then the target of our H-S formation.
Kommentar
Notice also how volume decreases when price rises and increases when it falls in the pattern below the neckline.Trade ist aktiv
We have formed now a triangle in a dwontrend. This means high probability continuation of the down trend. Trade ist aktiv
Traders, I thinkt thst we will soon see a new drop to 45.000 USD in Bitcoin. The down trend seems to continue.Kommentar
The upper boundery from the falling wedge was tested and now we are going south again.My first targets are:
45000 USD
42000 USD
37000 USD
Trade wurde manuell geschlossen
The H-S failed. This means very often an agressive move in the opposite direction as happened here.
Haftungsausschluss
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