Inverse H&S that sends $BTC to $42k-48k?
Mis à jour
The price action today changed my bias from bearish to bullish.
Here's why:
- We're forming an inverse head and shoulders
- We got a green flat bottom Heikin candle on the 1D (this could change by close) but still usually signals a reversal in trend
- On the 2D chart, we went higher on a Demark buy 9
- Ichimoku looks bullish, with price on high timeframes still above the clouds
- RSI 1D bounced at my 32 bullish level
- Double bottom on the 4H OBV
- We flipped the 28.6k level as resistance as support (for now)
The bearish case now is lesser than the bullish case looking at the chart structure. The bearish case would be:
- Still have a weekly red heikin ashi candle with a demark count of 2 (bearish trend)
- Price is below the cloud (12hr) as you can see from the chart
But being we bounced at previous resistance, my bias has flipped bullish for the time being.
I still think we'll chop around in this area until Sunday before making a larger move, but I'm now scouting entries instead of looking to buy lower.
In terms of where to buy, there's a support at 29.5k, the one at 28.6k and 28.3k. If this is the start of the impulse, oftentimes, you get 3 tests of support before the leg up begins (to make people think that support is breaking before a move higher).
I'm going to bid half of my position at 28.6k and the other half at 28.3k to see if those two get filled. If you wanted to take a more aggressive entry, you could bid $29.3-29.5k. The bottom support on the chart hasn't gotten tested yet as support, so it would make sense that we'd get the final 3rd wick and test of that support before the move up (my logic for bidding lower).
Let's see how it plays out. A loss of that lower 28.3k level is bearish. Any price action above that is now bullish.
This lines up more with my previous idea outlined here:
Here's why:
- We're forming an inverse head and shoulders
- We got a green flat bottom Heikin candle on the 1D (this could change by close) but still usually signals a reversal in trend
- On the 2D chart, we went higher on a Demark buy 9
- Ichimoku looks bullish, with price on high timeframes still above the clouds
- RSI 1D bounced at my 32 bullish level
- Double bottom on the 4H OBV
- We flipped the 28.6k level as resistance as support (for now)
The bearish case now is lesser than the bullish case looking at the chart structure. The bearish case would be:
- Still have a weekly red heikin ashi candle with a demark count of 2 (bearish trend)
- Price is below the cloud (12hr) as you can see from the chart
But being we bounced at previous resistance, my bias has flipped bullish for the time being.
I still think we'll chop around in this area until Sunday before making a larger move, but I'm now scouting entries instead of looking to buy lower.
In terms of where to buy, there's a support at 29.5k, the one at 28.6k and 28.3k. If this is the start of the impulse, oftentimes, you get 3 tests of support before the leg up begins (to make people think that support is breaking before a move higher).
I'm going to bid half of my position at 28.6k and the other half at 28.3k to see if those two get filled. If you wanted to take a more aggressive entry, you could bid $29.3-29.5k. The bottom support on the chart hasn't gotten tested yet as support, so it would make sense that we'd get the final 3rd wick and test of that support before the move up (my logic for bidding lower).
Let's see how it plays out. A loss of that lower 28.3k level is bearish. Any price action above that is now bullish.
This lines up more with my previous idea outlined here:
Commentaire
Going to throw out one more possibility as I look at the chart again, we can lose 28.3k and bounce at 26.5k which lines up with bouncing at the 200DMA.I actually might bid there instead of 28.3k and see if we get it
Transaction en cours
Entered BTC here.Commentaire
I was a little early on my entry (currently down 3%), but as long as price holds here, it seems like this idea is playing out:"In terms of where to buy, there's a support at 29.5k, the one at 28.6k and 28.3k. If this is the start of the impulse, oftentimes, you get 3 tests of support before the leg up begins (to make people think that support is breaking before a move higher).
I'm going to bid half of my position at 28.6k and the other half at 28.3k to see if those two get filled. If you wanted to take a more aggressive entry, you could bid $29.3-29.5k. The bottom support on the chart hasn't gotten tested yet as support, so it would make sense that we'd get the final 3rd wick and test of that support before the move up (my logic for bidding lower).
Let's see how it plays out. A loss of that lower 28.3k level is bearish. Any price action above that is now bullish."
Commentaire
Okay, looking like $26.5 might be the level.Commentaire
I ended up getting filled at $26.5, but now I'm thinking there could be one more small move down in the morning with how heavy the stock market looked into close.Got out of the position a bit in profit and am going to bid around 24.4k
Commentaire
Scratch the 24.4k level, going to bid the original level in the idea here: 
Transaction en cours
Entered a position here. Now let's see how the rest of it plays out.
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