BTC is forming a HS pattern at the moment and I expect to see a relief down from current to our previously formed high (green zone). Price has broken through 2 structure levels (blue) & this should signal a retest of the decision point is coming up soon. (NOTE : I said 'should' not 'will'). The green zone contains the 0.5 fib + standard point to take targets on the HS pattern + has a healthy amount of support so it is a good area to look for longs to the decision point - as long as we get an entry reason like a double bottom or another HS pattern or simple candlestick reversal pattern.
In the interest of longer term outlook, If this scenario does indeed play out, it is possible that a larger HS pattern may form in the coming few months.
評論
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so far so good
had to redraw entire chart as it was lost for some reason, so it may look diff
Have you seen that MagicPoopCannon guys TA? He said it could possibly drop to $4-5k area.. What are your thoughts on that?
J1bsFx
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@mmkhan33
I dont read his analysis because half of it is self-praise. He isnt trading that stuff - just a hindsight analyst. Whether or not it goes to 4-5k I dont know... doesnt look likely to me (right now anyway) & ofc this could change depending on what the market gives us
biplav32
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@mmkhan33, No he reads it all the time. He is obsessed with him. Look at the comment section of every mgc ta he is there always.
Thanks for visiting btw, I thought you might not have much time in between being a sheep and checking your masters charts
cryptotheist
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@Jibs@biplav32 Well I've seen Mr. Spodermans charts vs MagicPoops charts and Jibs is way more spot on compared to him ;) All Poop does is re-adjust his flags LOL
mhfcrypto
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Great TA. I agree with your Analysis. MACD 4HR crossed Bearish around 6 hours ago. H&S definitely forming on 4HR.