Bitcoin (BTC) Morning Update: Bullish Inverted H&S and Alternate

in bitcoin •  24 days ago

SUMMARY

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Bitcoin (BTC) could be putting in a bullish Inverted H&S pattern as shown in the below chart. The Left Shoulder (LS) is complete as well as the Head (H) and the Right Shoulder (RS) is likely still in progress. This pattern requires a volume confirmation and the blue boxes show that the volume peaks for the H are the highest; thus confirming the pattern.

The other confirmation required will be a price confirmation. The horizontal neck line (white) needs to be decisively breached by price as shown by the blue arrow. This would then allow for the minimum price target of $8,200. Understand that this pattern is not yet complete nor yet confirmed. We need to wait for those to occur.

The alternate pattern is shown below. An upward bearish wedge shows that price has already decisively broken below the lower trendline. Given how far away from the apex was, the breakdown may not be very sustainable. It also did have a declining volume confirmation. What could this means?

IF the wedge pattern is correct, then there is a potential for price to target the middle of the third cluster of support (white circle). This pathway is shown by the red arrow and could coincide with the 0.88 Fib Level. Howver, this is an alternate scenario while the IHS is the primary.

The small dip in the MACD shown by the blue arrow inside the yellow circle could represent the one more incremental decline to 0.88 Fib Level. Look how close the MACD is already to the apex of its symmetrical triangle. With almost zero mobility, price isn't likely to decline much at all.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

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Elliott Wave Counting Tutorial #1
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TA update BitShares?!

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Wave 2 is not done,So my target for wave 2 is 2300sats.
Wave 3 target is 6200-6800sats.
Wave 5 7700sats-8000sats.
BTSBTC.png

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is only my personal thought.It should not be considered financial or investment advice of any kind.I only want to share my thought with you.
With respect's Crypto Rado!

If you want to be keep updated with top100 coins follow me!

We need the bull run, by we I mean all crypto

Haejin just wanted to say a massive THANK you.

Bitcoins bullrun will star on june 12!

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Why that date?

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cuz he pulled it out of his butt

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Just watch John Mccafes tweets and thank me later ;)

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no sir June 6.

from your TA, i can see 2 possibility, rise or fall. I would rather just go flip the coin.

Would nice if the market could pump some :)

Coins mentioned in post:

CoinPrice (USD)📈 24h📈 7d
BTCBitcoin7535.100$0.16%0.62%
EOSEOS12.504$2.83%1.36%
QAUQuantum0.163$8.88%15.99%
WAVESWaves4.138$-0.18%-7.6%