DrDovetail

Temp. resistnce/spprt update for BTC. Inverted h&s still in play

BITFINEX:BTCUSD   比特幣 / 美元
Ever since the bullish hammer spinning top 1 2 punch combo we've been on a nice up trend. yesterdays day candle finished strong right under the white 38.20% fibline ($10400) which was the previous 4 hour candle's line of resistance but has become the current 4 hr             candle's support line. Yo can also see how the current 4hr candle dropped a wick down that bounced up off of the 20EMA. The 20 EMA (in purple) could potential be retested as the line of support for our low of the day...but the body will probably find the white fib line as its support. As far as the high of this current 4 hour candle and the high of it's body goes... it's still too early to tell but I notice we have already bounced down from about the halfway mark between the white fibline I spoke of earlier and the next fibline above it in red at the 23.60% retracement extension (10590) sothis candle's price action could be very tight we will have to wait and see if there will be a break out above or below either possibilities of support and resistance before determining whether or not its worth shorting or longing any positions. Lastly the reason this has a green backdrop is because we are still very much within the possibilities of a massive infverted head and shoulders ...it is currently about halfway through the potential 2nd shoulder and still heading towards the direction neckline. Very exciting if this is a valid head and shoulders because that means as I have anticipated for at least 2 weeks now that it may be possible for a head and shoulder;s head to trigger more than one head and shoulders pattern.
評論: As I have said in previous idea, based on the slant of the potential inverted head and shoulder neckline, if both shoulders trendline was to also run parallel tpo that neckline that odds are good the price could dip as low as 9200-9500. Also for the past couple days I have seen that the price on the depth chart on gdax would have to dip to at least 9500 to be able to get over the 10500 mark with enough momentum to stay above it...what we've seen since then is the price has dipped to around just above those levels and then tried to bounce over but failed without enough momentum so it is currently dipping back down to those levels..if it hits 9500 bounces up and still can't clear the sell wall hurdles then it may get down into 9200- or 9300 but 9500 is the first area where you might want to enter in with a tight stop loss in case it dips lower but then sell right around the area it looks like it can't clear...then once it dips back down(if it still does) buy back in and repeat this until it finally clears the price...setting reasonable stop losses on both ends in case it clears the hurdle sooner than you anticipate.
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