Another way of looking at it, Inverse head and shoulders upwards
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The more i look at this graph . The more it looks like we will go past 8k . Why ? because even a small MACD cross on the 12 hour is a 2k drop.
So we could be looking at a BTC drop past 8k. I could also be 'fudding' but that 12hour MACD cross usually results in a fall spread out over several days.
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BTC should start climbing in the next hour or so for about 8 hours .
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But the 12 hour and 4 hour candles will drop one more candle in 150 mins time which can be challenging . We need to see BTC over 10430 for confirmation of movement up
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n,BTC needs to get past that resistance at 10407 - seems to be having problems at this spot
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one more dump in 50 mins then 8 hours of upwards movement
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this next dump in 50 should be the last big dump for a while
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more Possibilities ======================
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last dump for a while in progress
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dump out of the way hopefully for the next 8 hours and BTC can now try for 106xx
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Any Bull traps would be set at 106xx - but the road to 106xx looks clear currently.
Ok thank you coto!:) Sorry if im gonna ask you another thing... Again... I would trade this pattern this way; (If we will ever see it)
1) I'd buy the break out's confirmation (when it comes back to test the last resistance that became support)
2) i'd place my stop loss under the neckline (still dont knwo where)
What do you think?
mycotoxin
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@yourlastgg, note BTC currently sits on a bear flag with a drop to 5k
mycotoxin
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@yourlastgg, i would enter above the neckline and set my stop loss to be 2/3 down the right shoulder.
yourlastgg
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Hello cotoxin thank you for your answser; i was wondering why don't you buy the break out? Isn't it the best way to have a confirmation?
mycotoxin
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@yourlastgg, because if its not a breakout it will drop very fast
mycotoxin
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@mycotoxin, if it slips it can go back to to 6k slip to 5k and end at 4k.
mycotoxin
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@mycotoxin, so have to be careful and enter the market correctly
mycotoxin
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@mycotoxin, the 12 hour MACD crossing is not a good sign as this candle has big falls - it will close its candle in 6 hours then we can get a better picture
yourlastgg
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Hello if I understood it correclty you want to buy at 10063 and ride the lenght of the head until 12k and smth?
mycotoxin
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@yourlastgg, closer to the 98xx area - Aborted if BTC moves past 9200
1) I'd buy the break out's confirmation (when it comes back to test the last resistance that became support)
2) i'd place my stop loss under the neckline (still dont knwo where)
What do you think?