Hi All, Crypto Sludge here.
I know it's been a week since my last post, been bit busy, tired and sick and i needed some rest.
Since i was in cash after being stopped out, it was a perfect opportunity so i took this week to stay away from charting and posting.
BTC on the other hand, was going strong. If you read my post here i talked about a possible formation of an inverse head and shoulder pattern on the daily chart.
And guess what? it played out very nicely so far, i did however missed the bottom of the right shoulder, i was aiming at 8900 based on fib support but it bottomed at 9300 so i missed my entry (shit happens :) ).
So things are looking fairly bullish right now, the possible outcome of this pattern is at least a breakout in the range that was from the neckline to the bottom of the head, so almost 50% once we break the neckline, putting us in the ~17500$ area.
BUT and this is a big but, inverse head and shoulders is only confirmed once we break above the neckline and we have yet achieved that. So the next few days are going to be super important, if we do close above the neckline then the pattern will be confirmed and we can expect the breakout, if we do not, then a reversal is almost imminent.
StochRSI has entered the oversold area, so it remains to be seen if the bulls have enough steam to push us past the neckline.
I will take things slowly and have a look at the lower time frames tomorrow.
As always, I would love to hear your analysis on the situation, and what are your strategies , i am looking at you @dkn :)
Trade ON!
Crypto Sludge.
Once we break $12000, buy on the pull back to $17000.
Yup, if we break the neckline i agree completely.
Be carefull ! H&S are continuation pattern we are entering a trapping zone, price won't exceeed 13k$ much then drop like a rock 😘
https://steemit.com/bitcoin/@tatchcapital/tatch-trading-analysis-btc-bitcoin-price-action-recap-2018-week-10
Yup, i said exactly that, to confirm the pattern the neckline had to be broken, and it wasn't. i am not even sure it's a trapping zone, it's a price rejection situation and it can be nasty indeed. haven't looked at the graphs today, will take a look bit later today. Thanks for your comment!
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thanks for the info :)
We shall break the neckline and push all the way up!
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