New pattern alert! BTC is forming a bullish iSHS pattern. If the neckline is breached significantly, the expected minimum target will be 12,600$.
If it is breached and afterwards the neckline is retested like this, it will give additional confirmation for this pattern.
If it happens like this, it will turn me from neutral to bullish again.
UPDATE: SBD retested the downtrend from above. A pump could be imminent in the next two days. BTC is touching the neckline again. Will we see a pullback first or a direct break through?
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Nice catch identifying that bullish inverse H&S pattern... Looks to be the potential for about 3400-pts of upside from the point at which the market is able to breakout above that falling neckline.
The trend has changed. It won’t be long until we need to strap in for the next ride.
Excellent analysis @ew-and-patterns.
I m still bearish...
i simply can not count the sub waves in wave 1 as an impulse. i can only see it as an ABC.... there are 8 waves( so not an extended impulse) and there is ton of overlap in it. And if i go to daily it looks like a 3 wave (ABC)
Maybe it's the inexperience :(
edit. let's see if it bounces of the support (that was the resistence) or if it falls back inside forming a bear wick....
Thanks for the message.
I liked it
Thanks for the enlightening information...
All in baby!
Tanks
Thanks for the update!
I've been kind of trying to ignore coinmarketcap.com, tradingview, prices and such the past couple of days or so since a reconfirmation of a downtrend, a revisit of 6k and the low of the 200 billion dollar market cap for the entire market has been on the table. But now it looks like a breakout from the descending channel is also a very real possibility. Just gotta see which way the money flows this week.
Thanks for helping me balls up and looks at the chart this morning lol. Let's see what happens when BTC does battle with that green line!
When we reach 12600 dollars , we go down again?
I'm interested in the bigger picture :)
If we reach 12600 it is very likely the start of a new long lasting uptrend in BTC.
Great, things are starting to look positive . Bullish on Bitcoin it's just a matter of time, be patient and HODL.
Based on historic patterns for the past three years, we could be testing new highs in just a few weeks. I think your neckline will test out and you will be moving to bullish. My own humble opinion that is not trading advice. But historically, we should be digging out quickly. Thanks for the analysis.
Thanks again for sharing this update @ew-and-patterns. Reading your analyses has become a part of my daily routine, I really do value them - mainly out of interest, as I am not actively investing in BTC at the moment, but it is great to see someone with so much knowledge sharing their opinion.
SBD is increasing now ,again when it falls down.I want date ?