Bitcoin breaking out of an inverse H&S

10 apr 2021

Hello everyone, as i explained in my previous video, i tend to use simple trend based strategies to trade the cryptocurrency market - especially bitcoin. If you want to get an idea of how i apply these rules, feel free to check out my previous Bitcoin trading-ideas. They can be found below this text.
You can progress through the chart and see where i entered the market.

In this idea we are looking at the Bitcoin price on the 1H chart. The primary, secondary and short-term trend is upwards. The latter was confirmed by todays price action and the move past the $60.000 area. We can see an inverse Head & Shoulders playing out, with the neckline at ~$60.000.
This pattern is very powerful and can be discovered multiple times throughout the past years in the bitcoin market. This pattern confirms my recent long play, where the price broke out auf a Bull-Flag (previous pattern).

I'm fairly bullish on Bitcoin and i trade with the trend. I consider to partially sell my position (taking profit from early entries) at the $66.000 price level, as i expect short term sell action and look for a re-entry. But this is wishful thinking at this point. We will consider a new strategy as soon as the price gives us a sign of a short-term trend reversal. For now we have our eyes on the above mentioned targets.

Check out my signature below this idea for more information about my charts!

Cheers,
Ares

Jan 25

Feb 6

Feb 12

Feb 24

Mar 7

Mar 29

10 apr 2021

Nota

And here's the previous idea

10 apr 2021

Nota

I meant to place the right shoulder at the peak a few hours later :) FYI

13 apr 2021

Trade attivo

And here's the breakout