mmladenoff

Bitcoin inverse H&S or ugly broadening wedge

mmladenoff Uppdaterad   
BITMEX:XBTUSD.P   Bitcoin
Bitcoin has formed a huge H&S, and is currently struggling at the neckline. However, if we look closely there is an broadening ascending wedge on the right shoulder (ugly one, but still), supported by a bearish divergence on 1H and 4H chart. If the supporting trendline at 19,100$ is broken we might see a further fall. Thus, we should be very careful right now. But if 19,700$ is broken and the candle closes above it, BTC might start an upside move, probably the previous high would send the price back for a neckline retest. I am still bearish until I see a strong bullish move. Whichever way BTC decides to go, I am with it!
Kommentera:
As expected the fractal break (top yellow line) caused a massive buy orders + many stop losses hit (which again is kinda many buy orders).

Trade stängt manuellt:
Closed it manually, not getting greedy. I am happy with my profits.

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