Bitcoin BUY TIME! And a lesson on H&S patterns.
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Real quick.
Here's is the inverse H&S pattern that the masses on TV were spotting.
The right shoulder that had formed (first one) looked good at the onset, but was not confirmed by volume. Thus, you will read in my last several posts, I was skeptical that it would give the bulls the strength needed to pass though massive overhead resistance. My skepticism has been confirmed over the past several days and I have been rewarded nicely for my sell at around 11k.
We have now entered into my projected buy zone where I have begun my buy back of BTC and have now re-positioned myself nicely for a bounce here off of the 200 day moving average.
You will see a second shoulder has begun to form. This is the correct shoulder. Although, not fully formed yet as we are missing the second half (our upwards movement), it IS confirmed by massive volume!
We can now project the upward price movement with greater certainty. Although, there still is MASSIVE overhead resistance, the bulls may have gained enough coiling tension with momentous downward movement (again confirmed by volume) and a predicted (at the time of this writing) bounce near the 200 day moving average, to propel us upward though our numerous overhead resistance ceilings.
A reanalysis will be made by me at the top of our BLUE descending channel and again at the second RED neckline.
If the bulls are able to gain enough momentum to break through our second neckline and final resistance point at around 11.7k, they should carry us northwards all the way past the 17k mark.
Again, reanalysis will be made and updated at important junctures along the way.
Happy trading friends.
Uwaga
I anticipate a gentle landing into our buy zone. Then a touch and go!I am growing increasingly bullish as I see all the "pro" bulls have suddenly now turned into bears. As always, the contrarian in me wants to rebel. In this case, that desire is not a negative trait. Buy into the fear. Sell into the strength. That strategy has been working quite nicely as of late!
Uwaga
*Sell the greed. NOT the strength.Transakcja zamknięta: osiągnięto wyznaczony cel
TARGET AREA reached. I expect a bullish reversal tomorrow or Saturday as this short 35 day cycle comes to an end.
Uwaga
TARGET has been adequately reached. Last night we saw what I think will end up becoming the final impulse of selling volume for a few weeks at least. Now we should move up and begin to form that inverse right shoulder. This, again, becomes the correct shoulder, confirmed by volume.
First target = Upper BLUE channel(s) trendlines.
Uwaga
New triangle I had anticipated can now be drawn. Yay!
35 day cycle I had alluded to almost complete. Get ready!
Uwaga
And she's off!
Uwaga
Triangle held as expected. Spending a little more time down here in this buy range is a good sign. It is better than a touch-and-go on the 200.
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