Possible scenario in the next coming hours, if you are looking for an entry position don't be greedy. If you are chasing lower targets at least spread your entries in quarters. Good Luck :) This is educational only, I'm not an expert at all.
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I recently saw an idea that suggested a bounce to 4400-4600 range but I thought the arching resistance was too strong so I took a short position at 4015 based on this fractal, let see how this plays out. Also we could potentially be forming a H&S with the left shoulder and head already formed so target for now is $3600.
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BTW I would appreciate some likes :) For once that I have a potential working idea! XD
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I'm hoping for this atm, a nice H&S that will create the panic selling
I'm hoping for this atm, a nice H&S that will create the panic selling
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The neckline could actually be less inclined so the bear flag target of 3725 reaches the neckline but these are way too low timeframes so I expect more noise. At least I can go to sleep and know I won't miss the bottom at this rate :)
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I meant $3550, that is how tired I am!
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We got our bounce at $3550 so watch out this could be the bull trap!
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careful here opening longs! the massacre could start soon!
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I think this could be a combination of a head and shoulders as well as a bear flag just to make things clear we are going down. We might see a bit of more up movement to get more bulls trapped here. Will see :)
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A small bounce up after this to extend the sideways movement to make a nice right shoulder
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so far so good, there is a lot of resistance above the top right shoulder. Now the question is will it break the neckline to the downside...
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So it seems like the fractal is bigger than what I thought it would be. We are currently in a rising wedge in the 15mins timeframe which could be a bear flag, if we break lower the target could reach the neckline of the H&S.
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Something should be happening soon...
I obviously have a bearish bias on this.
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Well that V shape idea should have been paste the other way around! I re entered my position where I exited so no loss but it is quite frustrating how sometimes TA seems to give wrong signals, there was a perfect textbook inverse cup and handle and yet the price went the other way. Nice to see the price recover for now.
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Just food for thought
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Bullish Divergence on 8h RSI and a potential iH&S with target $4750
Did one long entry at $3500 and planning to exit at $4500
Let see how this plays out :)
Did one long entry at $3500 and planning to exit at $4500
Let see how this plays out :)
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more conservative target $3850 to the top of the channel
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Nope that was a fail, exited my long without a loss. Looking at the break of this trend line before making any long entries.
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Bear flag?