BTCUSD - Waiting for breakout confirmation - UPDATE 9 october

업데이트됨

BTC reversal Head and shoulder - testing the NECK

After a short bounce from the neck, we are waiting for more price movement.

For now, the neck has hold the price.

Previous analyse (october 8):

BTC reversal Head and shoulder breakout has been confirmed.

-BULLISH CONDITION

The neck is showed on the chart as 'support neck' - 6640
The price closed above the neck and I am patiently waiting for confirmation.
Now we are using the neck as a support and we are waiting for a bounce.

If it bounce from the neck and it go above the breakout zone, we can BUY and expect a bullish continuation trend.

Why am I waiting to buy even if it broke the big resistance (red diagonale on the chart) that everyone is talking about?

Because we don't want to get caught in a bull trap.
Always considering the risk management first.

-BEARISH CONDITION

1. If the price closed below our 'support neck' - 6640, we expect the price to test the support zone .

2. If the price closed below our support zone as showed on the Chart, I am expecting the price to go further down.
That would mean our bullish channel would be breakdown.
In this scenario, I will reevaluate the market and do an update.

Thank you,

노트

This is a 16min Chart of BTC

I am looking at tis reversal Head & Shoulder

-BULLISH CONDITION
If the price close above the neck - 6668$ - and retest it
that would confirm the bullish pattern.

The target is 6720$-6730$

That would put BTC price right back on our 'breakout zone' - at the top - of my 4H chart