XBTUSD Bitcoin H&S
H&S structure confirmed by volume pattern (not visible here). Stop loss could be placed above head (>11122); short entry at the neckline during the return move (~10487); first TP at head-height down from neckline 9654, then 7307 and 6671.
Stop loss can be placed somewhere below bottom of 4th wave of previous 5 wave rally (~<6300) on entry into long position for next leg up through the longer term C wave (see linked chart).
Coloured rectangles correspond to an ADX above 40 (orange) or below 20 (deep blue), and an RSI above 70 (light blue), or below 30 (purple).
gray lines are from Fibonacci speed fan of recent 5 wave accent. Dark blue lines are from fib speed fan from 20,000 in 12/2017 to 1K in 6/2019
vertical "5" line is a fibonacci time zone taken from the major waves of the recent 5 wave set. This cycle indicated a change in trend during the previous rally.
See previous analysis (linked below) for more information
Stop loss can be placed somewhere below bottom of 4th wave of previous 5 wave rally (~<6300) on entry into long position for next leg up through the longer term C wave (see linked chart).
Coloured rectangles correspond to an ADX above 40 (orange) or below 20 (deep blue), and an RSI above 70 (light blue), or below 30 (purple).
gray lines are from Fibonacci speed fan of recent 5 wave accent. Dark blue lines are from fib speed fan from 20,000 in 12/2017 to 1K in 6/2019
vertical "5" line is a fibonacci time zone taken from the major waves of the recent 5 wave set. This cycle indicated a change in trend during the previous rally.
See previous analysis (linked below) for more information
Note
Note
Note
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