BTC remains bearish, with the next short target at the 0.236 Fib at 3500. I maintain that we are at the bottom of a bear trap, and expect a inverse head and shoulders reversal pattern to establish with the neckline at 4700, the shoulders at 4000 and the head at 3500.
This pattern will likely complete with the right shoulder at the end of the week. This fits with the end of week shift in sentiment that often occurs in BTC.
There are 4 major trade opportunities here: Long from 3500, short from 4700, long from 4000 and long from 4700.
This pattern will likely complete with the right shoulder at the end of the week. This fits with the end of week shift in sentiment that often occurs in BTC.
There are 4 major trade opportunities here: Long from 3500, short from 4700, long from 4000 and long from 4700.
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Potential nested H&S
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H&S Target update:
Neckline = 4600
Right Shoulder = 4200
Head still = 3500
Neckline = 4600
Right Shoulder = 4200
Head still = 3500
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Trade geschlossen: Ziel wurde erreicht:
First target hit
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Index price higher than margin exchange price - can indicate downward pressure of long squeeze
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sell walls suggest potential price suppression for accumulation
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That is the lowest price that bitcoin will trade for, until the bubble bursts in the 2030s
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Stop Loss raised to above entry, additional entry added at 3654
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Still looking for right shoulder
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That could be deep enough for the right shoulder, following the recent spike from 3500. I'm now looking for a breakout of the neckline
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Order book suggests potential long squeeze through 3600
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Short squeeze target 3587
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Long squeeze now seems unlikely, H&S should complete soon
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H&S almost complete
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Neckline breakout, 21 min 77 SMA cross
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next target is the neckline of the longer term triangle at 4600
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Title should read "Bear Trap", not "Bull Trap"
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Title should read "Bear Trap", not "Bull Trap"
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Title should read "Bear Trap", not "Bull Trap"