BTCUSD Possible H&S Breakout Into Ascending Parallel Channel?

Just wanted to share some observations. Early days yet and nothing is confirmed. Wait for breakout and observe if the upper line of the Ascending Parallel Channel pattern forms a resistance and that the bottom line forms support. If it does then we have some way up to go on a longer term with this pattern and can continue trading within the ascending parallel channel with tops and bottoms, if it plays out. Some might call this a bear flag but not after that daily close and the formation of a possible H&S Shoulders Pattern which is usually a bottoming and reversal pattern.

This could still also just continue on the descending parallel channel pattern too (the dark area).

Only trade breakouts with confirmation candles and beware of fake-outs.

Also take not that the CME high candle close on the Friday was around 5935 and the low wick was 4120. We might range within these price points till Monday but hoping for a weekly candle close above the 200MA around 5500$.

Good luck.

By the way ETHUSD forming the same patterns too.

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Here is an inverse head and shoulders pattern that broke out into an ascending parallel channel signalling a bottom and reversal when the price touched 6400 and stayed in the ascending parallel channel till price hit around 10500 before topping out and breaking down to our current lows. This was around December 2019 into 2020.

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Made some minor adjustments to the ascending parallel channel to still see if this can play out. Slim possibility at the moment.

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Here is an update.

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BTCUSD and ETHUSD attempting breakout. Will be some great price movement if such a breakout happens. Wait for more confirmations. I only have a small order with a right stop loss after seeing that low time frame bounce on top of the downtrending channel for ETHUSD.

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Wanted to share some ideas and thoughts on how to use smaller time frames to detect possible important patterns and signals that could give you an early advantage on what to do next. Also giving you an idea what your higher timeframes will look like if the move is sustained in the smaller timeframes. Even possible reversals and new pattern formations can be discovered early.

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Breakout happened. Just remember to keep create your stop loss in profit once you have a comfortable sum. Lots of uncertainty now. Take what is given and be safe. If it keeps going your way to next support, add into order in small portions if you can and immediately keep raising the stop loss in profit so you have a guaranteed sum no matter what happens. There will also be a CME bloody Gap if price goes above 5935 (cme high price on Friday daily candle close) and or lower than 4120 (cme candle lowest price on that same daily Friday candle.

So its risky to be holding trades not knowing if the CME Gaps will move the price to cover those gaps which might trap you underwater again if you are not careful.

Good luck and have a great week! Cheers!