The small inverse H&S shows we might be moving up directly from the opening later today as we can see on the left. If that happens i will try to get in and catch the momentum of that H&S.
Long term picture is starting to look more bullish now, but there is still a long way to go for that. That wedge is not a beauty but as long as we stay above that green support zone it could certainly play out. I remember we had an H&S a year ago in August where the whole market was looking at but failed completely, just like the big one we had this year, was identical. Many of my followers asked me both times why i did NOT trade those H&S patterns since both of them were textbook, well i have my reasons for that :)
On the right we can also see a triangle where we can see the previous high did not even reach the resistance line which is a bearish sign, but the same can happen now, if this small inverse H&S works out. So if this small H&S fails, chances will be bigger that we make a drop. Towards the low around 1.122.
Please don't forget to like if you appreciate this:)
Previous analysis:
www.tradingview.com/u/botje11/
Long term picture is starting to look more bullish now, but there is still a long way to go for that. That wedge is not a beauty but as long as we stay above that green support zone it could certainly play out. I remember we had an H&S a year ago in August where the whole market was looking at but failed completely, just like the big one we had this year, was identical. Many of my followers asked me both times why i did NOT trade those H&S patterns since both of them were textbook, well i have my reasons for that :)
On the right we can also see a triangle where we can see the previous high did not even reach the resistance line which is a bearish sign, but the same can happen now, if this small inverse H&S works out. So if this small H&S fails, chances will be bigger that we make a drop. Towards the low around 1.122.
Please don't forget to like if you appreciate this:)
Previous analysis:
www.tradingview.com/u/botje11/
Commentaire:
Forgot to update this, sorry about that, Bitcoin taking all the attention lately. I will post a new analysis later since the target has been reached of the small trade, but the bigger picture is still in play here.
