The Holy spirit of christmas and Bitcoin, embedded in a head and shoulder pattern ;-)

BTC / USD Bitfinex

https://coinigy.com/

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Profile: Bitcoin (BTC)
Price: 13 510,- USD
Marketcap. 227 bl. USD / Rank 1 Coinmarketcap
https://coinmarketcap.com/currencies/bitcoin/

Open Trade: buy 12 500,- USD, Green Arrow
Stop Trade: 11 500,- USD
Target: 17 000,- USD

Reward / Risk Ratio: Reward 4500,- USD, Risk 1000,- USD
Ratio = 1 : 4.5

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Trading Setup:

BTC/USD is trading upwards on a trend line that started 11/12/17 at around 5400,- USD and peaked at around
20 000,- USD. The short term correction move is embedded in a head and shoulder pattern.

As we can see on the chart the support zone at 12 500 USD is corresponding with the upcoming trend line. At this point where the support line and the trend line meet, could be a turning point.

We have to expect higher volatility, and therefore I have also drawn a possible overshoot zone for a intraday reversal. Overall, I think we will find good support at 12 500 USD and the odds are more likely that we will fulfill the head and shoulder pattern with another right shoulder.

The holy spirit of Christmas is also around the corner, so there is a good chance that this buy opportunity will not only ring the Christmas bells, but also your pockets.

I wish you all happy Holidays with your families.

Merry Christmas
@masterthematrix

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