Hello everyone, as we all know the buzz for the Bitcoin price analysis is on peak, few are showing medium term 14k - 16k charts and on the other side few are drawing from 9500, 5000 until all the way to 2018 low.
Well, I am also bearish ATM but it doesn't sound relevant to draw so much future and spread greed or fear, it's my personal view.
So, straight to the current scenario...
I have drawn a big triangle(shown in chart) the price is ranging between it. Lets put this triangle aside and see most current formation of H&S which is clearly visible to us in between the bigger triangle(see chart).
Confirmations:
If the price will close below the Ichimoku cloud on 4hr chart, it will give confirmation to the formation.
MACD cross over will give one more confirmation, which seems to cross soon.
Lagging span is below the 30D average price.
EMA crossed.
RSI divergence.
If the formation is successfully break below, the next support(take profit) will be around $9650 - $9350.
Remember: If we get a candle indicating reversal then price may jump a little so be cautious.
"Only proceed to trade according to this idea, if your own idea matches with it. This is not a financial advice after all it is your money, you have to manage it."
If your view/idea match, you are good to go. :)
Thanks for reading. :)
Please leave a like if you like this idea.
Well, I am also bearish ATM but it doesn't sound relevant to draw so much future and spread greed or fear, it's my personal view.
So, straight to the current scenario...
I have drawn a big triangle(shown in chart) the price is ranging between it. Lets put this triangle aside and see most current formation of H&S which is clearly visible to us in between the bigger triangle(see chart).
Confirmations:
If the price will close below the Ichimoku cloud on 4hr chart, it will give confirmation to the formation.
MACD cross over will give one more confirmation, which seems to cross soon.
Lagging span is below the 30D average price.
EMA crossed.
RSI divergence.
If the formation is successfully break below, the next support(take profit) will be around $9650 - $9350.
Remember: If we get a candle indicating reversal then price may jump a little so be cautious.
"Only proceed to trade according to this idea, if your own idea matches with it. This is not a financial advice after all it is your money, you have to manage it."
If your view/idea match, you are good to go. :)
Thanks for reading. :)
Please leave a like if you like this idea.