Currency Pair: BTC.USD Time Frame: 1hr Predicted Direction: Short
Live BTC.USD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity. Should my daily predicted direction be incorrect no trade opportunity will be generated.
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Daily chart analysis.
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PLEASE NOTE: Should there be no break below $11,200 there will be no short opportunity.
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Price now breaking all structure levels presented on chart.
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Expect price to find minor support at 11k
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Head & Shoulders Trading Strategy.
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Price has rejected 4hr 50EMA more than x7 times since 09.01.2018
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4hr ascending trendline support dating back to 17.01.2018
Will price find support again or break through another support level?
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Price has now run perfectly into 11k we will see how this level holds as very minor structure 1hr support.
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What is everyone's predictions for Bitcoin in 2018.
Expect price to find minor 1hr support at $10,900 If you look left we also have the previous 1hr HL on the 27.01.2018 at 11am
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Textbook retest of 4hr ascending trendline support. Price formed deceleration providing a potential reversal opportunity should price provide a candle entry.
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Price forming a double bottom ( 1hr TF ) continuing to respect 4hr ascending trendline.
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I would like to see a strong break and close below $10,838 which for me is the final minor inside shelf support prior to a longer term test of $10,500
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Textbook test of $10,500 as predicted. Expect a consolidation period over the next coming hours.
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A solid break below ascending trendline previous support. Be aware the 1hr TF is forming bullish RSI divergence which could now start off the consolidation period.
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Sub 10k here we come, should this break i see no Daily support until 7.5k
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My Daily target is now set. I will keep updated from a daily perspective also.
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The Daily candle closed below 10k providing additional bearish information. I suspect a pullback to 10.5k will occur prior to a continued push to the downside.
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Textbook 1hr 38.20% fib rejection as predicted this morning.
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Although the 1hr Tf doesn't always hold much weight in regards to structure i feel a break of the ascending trendline at $9800 would then trigger a strong sell off towards the $9000 level.
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Price now breaking below the ascending trendline support outline above. This for me now has all the legs to breach the 9k mark.
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Price quickly approaching the 9k mark at which point i expect a consolidation period, all TF's in my opinion are over extended.
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9k has now been achieved, the bears are still in control. Although price is clearly over extended i see no sign over deceleration or reversal.
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The final key level is now on the horizon of $8,000 Await a reversal and long opportunity.
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$8,000 has been breached, i will now keep my eye very close to the chat looking for longer therm reversals.
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Price bouncing off $7,500, should this break i can only see the next level would be $5,500 as from my analysis above on the 21st January.
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Hi Traders,
I have received many PM's in regards to trading the Head & Shoulders formation profitably, i attached a comment above ^ on the 29th January in regards to trading the H&S with confluence.
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My next trade opportunity for those trading the higher TF's. Have a great weekend.