The power of H&S bottom to BTC price action.
While trying to review daily chart for bulls strength on this current rally, found something amazing and interesting that is worth sharing and requires carefull attention.
-Firstly, there was a failed micro H&S bottom in Jan,2018;
-Right after that in April,2018 there was another micro H&S bottom, completed with target @ 10k+; this H&S bottom created a left shoulder for the huge unconfirmed H&S bottom; Take note!
- Then in June,2018 another micro H&S bottom started forming,and got completed with target achieved close enough to $8500 in first week, of the 2nd half of the year 2018 to form the Head of the huge unconfirmed H&S bottom.
- Fastforward to this month, another micro complex H&S bottom just got confirmed,after yesterday's pump; chart attached;
Technically, the current micro complex H&S bottom target should end at $7200 price range.
And if this happens and price action take a leap close to the battle price of $7800: rememeber this price is a continuation of the downtrend resistance line from Feb,2018 that has been rejecting the old completed H&S bottom that wants to break out and if bulls break the price and touch $8287 at Fib 1, then we have a confirmed huge H&S bottom that could make bullish price action gets triggerred for good on BTC.
Also, the already forming huge H&S bottom posses all the criteria of a successful H&S, staring from the 3 months downtrend price action plus the volume trend and likewise, higher possibility of breaking the neckline or downtrend resistance line after 3 different test on it.
The observation right now is, we have one failed micro H&S bottom in Jan,2018, then followed by three other micro successful or completed H&S bottom. Will all these micro H&S bottom be a good reason why the huge H&S bottom will break out?
Until then fingers crossed and stay vigilant!
-Firstly, there was a failed micro H&S bottom in Jan,2018;
-Right after that in April,2018 there was another micro H&S bottom, completed with target @ 10k+; this H&S bottom created a left shoulder for the huge unconfirmed H&S bottom; Take note!
- Then in June,2018 another micro H&S bottom started forming,and got completed with target achieved close enough to $8500 in first week, of the 2nd half of the year 2018 to form the Head of the huge unconfirmed H&S bottom.
- Fastforward to this month, another micro complex H&S bottom just got confirmed,after yesterday's pump; chart attached;
Technically, the current micro complex H&S bottom target should end at $7200 price range.
And if this happens and price action take a leap close to the battle price of $7800: rememeber this price is a continuation of the downtrend resistance line from Feb,2018 that has been rejecting the old completed H&S bottom that wants to break out and if bulls break the price and touch $8287 at Fib 1, then we have a confirmed huge H&S bottom that could make bullish price action gets triggerred for good on BTC.
Also, the already forming huge H&S bottom posses all the criteria of a successful H&S, staring from the 3 months downtrend price action plus the volume trend and likewise, higher possibility of breaking the neckline or downtrend resistance line after 3 different test on it.
The observation right now is, we have one failed micro H&S bottom in Jan,2018, then followed by three other micro successful or completed H&S bottom. Will all these micro H&S bottom be a good reason why the huge H&S bottom will break out?
Until then fingers crossed and stay vigilant!
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.