Hello everybody. Retail is labeling Bitcoin(BTC) as an inverse head and shoulders right now. Please do not be fooled by these gurus that are not knowledgeable in this craft. An inverse head and shoulders is simply a break and retest of your break on your HTF not some magical pattern that makes you money. That being said it is possible this "pattern" fulfills due to the logic behind blackjack theory. Bitcoin has been in a very tight range on the 4 hour and daily since Christmas day and sitting on the equilibrium of our intermediate range. The price action is quite corrective after an impulse (bullish case) and continuation is more than possible. What you should be looking for here is where does the nearest liquidity lay? If we can break this range (green prediction) and see a retest to the upside off the range I would be entering long with (bullish case) price reaching the equilibrium of the macro range and most likely extending for our OTE (labeled major consolidation block). Bearish case(red prediction) would be the fact that we have equal lows on the weekly off the meme 200 ma and thus price could run for this liquidity pool to clear stops into the lower eq range.
Short on BTC for nearly the entirety of 2018, we strive to help you all educate yourselves on trading and save you money. Check out below for access to our discord which is completely free as well as our youtube channel.
Stay safe Traders,
Trader_Tristan
Short on BTC for nearly the entirety of 2018, we strive to help you all educate yourselves on trading and save you money. Check out below for access to our discord which is completely free as well as our youtube channel.
Stay safe Traders,
Trader_Tristan