Bitcoin Inverted Head and shoulders 2 in 1 !
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Dear Traders,
Here is a brief update to my previous analysis with key support and resistance levels.
We have broken through the rising wedge trend line for a while but it may also be a just a wick and there no close at the moment yet for the 2 hour chart.
Bitcoin is making complex moves meant to catch everyone off guard and stop out many traders. Selling their Bitcoins at lower levers by fear and greed. Huge market manipulation by large hedge funds and institutionals!
I attach the links from my previous analyses which are still valid. Currently, another small inverted head shoulder formation has emerged (the Black). The other is the orange one.
H-S patterns are often imperfect but nevertheless working. We are seeing with this rising wedge, the development of the larger right head shoulder from my previous analyses. Now if we get a downmove it is complete. Then it can go 2 ways. Either we break through the neckline of the larger H-S pattern or we get a powerful counter move that puts everyone on the wrong track again. That is what I expect.
Look closely at the support and resistance levels and how everything develops. With this and previous roadmaps of Bitcoin, that is perfectly possible to follow.
Also, be careful with the ALTS. Bitcoin dominance drives that to a large extent and if BTC goes down fast, the ALTS make a skydive.
Trade safe and don't forget stops and moneymanagement!
Here is a brief update to my previous analysis with key support and resistance levels.
We have broken through the rising wedge trend line for a while but it may also be a just a wick and there no close at the moment yet for the 2 hour chart.
Bitcoin is making complex moves meant to catch everyone off guard and stop out many traders. Selling their Bitcoins at lower levers by fear and greed. Huge market manipulation by large hedge funds and institutionals!
I attach the links from my previous analyses which are still valid. Currently, another small inverted head shoulder formation has emerged (the Black). The other is the orange one.
H-S patterns are often imperfect but nevertheless working. We are seeing with this rising wedge, the development of the larger right head shoulder from my previous analyses. Now if we get a downmove it is complete. Then it can go 2 ways. Either we break through the neckline of the larger H-S pattern or we get a powerful counter move that puts everyone on the wrong track again. That is what I expect.
Look closely at the support and resistance levels and how everything develops. With this and previous roadmaps of Bitcoin, that is perfectly possible to follow.
Also, be careful with the ALTS. Bitcoin dominance drives that to a large extent and if BTC goes down fast, the ALTS make a skydive.
Trade safe and don't forget stops and moneymanagement!
Nota
Traders the down target for the broken Bearish rising wedge is between 48000 en 45000!Nota
Note that above 52000 we still can go up. Below 52000 I see other targets as explained. --> Bitcoin will change direction when nobody expect to stop traders out because it is manipulated. Be aware of this!
Nota
Dear traders!A lot of movement in the crypto market but not so much in Bitcoin which is doing the same as it did before. Sideways en building patterns.
All patterns which I described in my previous post from Bitcoin are still valid.
The big head- and shoulders as well as the several inverted head and shoulder patterns.
Check it out and look at support and resistance because it is the key for the ALTS
Wish you all great profits!
Nota
Here an important update For BitcoinNota
You can see it my other analysis the large head and shoulders but bitcoin formed more. See the chart above. The bold black line is the neckline of the larget H-S formation.
The small H-S in grey is pointig to the neckline. From there we need to see what happens. Will it break that heavy support than we see other lower targets. But we can also bounce up. We will follow the patterns!
Wish you ygood trading!
Nota
Dear traders,My last update is working very well. We are approching the neckline from the big H-S foramation.
i expect a bounce there
Nota
Nota
Target reached at the neckline
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