Time Frame: 1hr
Predicted Direction: Short
Live BTC .USD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Should my daily predicted direction be incorrect no trade opportunity will be generated.
Should there be no break below $11,200 there will be no short opportunity.
Will price find support again or break through another support level?
My Personal View:
Low's of $7k
High's of $25k
Let me know what your thoughts are below.
If you look left we also have the previous 1hr HL on the 27.01.2018 at 11am
Price formed deceleration providing a potential reversal opportunity should price provide a candle entry.
Expect a consolidation period over the next coming hours.
Be aware the 1hr TF is forming bullish RSI divergence which could now start off the consolidation period.
I will keep updated from a daily perspective also.
I suspect a pullback to $10.5k will occur prior to a continued push to the downside.
This for me now has all the legs to breach the $9k mark.
Although price is clearly over extended i see no sign over deceleration or reversal.
Await a reversal and long opportunity.
I have received many PM's in regards to trading the Head & Shoulders formation profitably, i attached a comment above ^ on the 29th January in regards to trading the H&S with confluence.
Have a great weekend.