BTC Pulls back putting the potential inverted h&s more into play
I fortunately set a smart stop loss before the plummet and am now in a great position to capitalize of this pull back. I hope you all set smat stop losses too. The pullback to the 900s allows for the top of the second shoulder to be as deep as the first which allows it greater probability to become the inverted head and shoulders ...if this indeed what this is it is a huge one with a huge upside. Trade cautiously at this time because this could be the start of far frther downside you want to set a stoploss a few pips below the price line of the point of the 1st inverted shoulder if it dips below that it likely will be an invalidated pattern but so far it pulling back to roughly the same depth as the first shoulder is actually a good sign.
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*off* not of smart not *smat*. hahah I accidentally spelled smart the way Homer Simpson does.
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I can see what appears to be some whales on gdax who have set up a Sell Wall at 9950 and using it to shake out weak hands. They keep replenishing it everytime someone starts to chip away at it. I probably wont enter back in until that is finally gone.
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15 minutes left in the current four hour candle..high probability it could be ending as a doji which could hopefully signal a bullish reversal.
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if so look for the next 4 hour candle to swing us back upwards.
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bears currently have the momentum...however all the way down at 9500 there is a huge buy wall which would level the playing field for the bulls...we will likely see a bull surge before it reaches down that far though.
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ended the 4 hour candle with a dragonfly doji...keep an eye out for more bullish momentum unimpeded by any big bear sell orders..if the coast is clear and rsi, macd, and volume all confirm start entering in setting a stop loss just below where you entered in and moving the stoploss up 15 percent each time we increase by $100
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if the bears are still being stubborn wait to enter in until they take a breather.
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looking back on the candle it actually closed as a bullish hammer not a dragonfly doji...more or less the same result from those though.
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The sell wall has been moveved to 10100 but is still as massive as before.
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The Bulls are putting up a valiant effort to knock down the wall the lots of solid buy orders...excited to see it play out.
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if thos ends up being a valid head and shoulders we may already have reached it's peak depth on the second shoulder...will be interesting to see how it develops in the next few 4 hour candles.
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thos=this
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The bulls have broken the sell wall...looks like the green bullish reversal hammer was valid and the bulls are picking up momentum off of it.
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B Ulls have ran out of steam temporarily...doubtful that they will dip below the previous 4hr candles low...but make sure to set a stop loss just below that candle to be safe.