SkyRockSignals

BTCUSD Possible H&S or Bull's flag formation

POLONIEX:BTCUSDT   Bitcoin / Tether USD
The price moved accurately like we predicted in the previous analysis. However, there is an opportunity to form H&S pattern as there wasn't sufficient volume to overcome the resistance of $9000. BTC             is at a critical moment: right now the price can move in two scenarios with equal probabilities. It is below Ichimoku cloud and the red line is above the green line which means strong resistance, moreover Stoch RSI is about to reach overbought zone. It broke down the ascending channel . However it is currently on the way back to it. If it manages to return then three rising valley of Bull's flag will indicate the possibility of breaking through the resistance which will grant an opportunity to move higher and consolidate there. Also ABC correction wave which was observed after 5 Elliott Impulse waves has finished, this increase the possibility of the further growth.

In case of pessimistic scenario the price will grow to the $8500-$8600 zone and then will fall back to the $8000 which will complete H&S formation. Then the price will decrease till the next support zone around $7200.

In case of optimistic scenario the price will move out of Ichi cloud making it the strong support level and will go above $9000 which will complete Bull's flag pattern and will open the way to a higher level of trades.

We recommend to carefully track BTC             price movements and put a stop loss in case of pessimistic scenario on all your trades. In case of optimistic scenario we will provide you with new good signals and trade opportunities. Currently all trades are very risky, the market hasn't recovered yet, be patient.
Bình luận: Seems like the price follows the pessimistic scenario and will form H&S. In this case we will have a rebound from $7200. Put stop loss on all your trades as high as possible
Bình luận: However the price managed to survive bear pressure. H&S pattern wasn't finished. At this moment the price should consolidate in the channel and if it bounces from $8500 level a reversal and further growth will happen
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Please take a look at the BTC 4hr. chart. Does it look like an inverted H&S is forming to you? Thanks.
Phản hồi
@milvescollc, we will do it when it touches the upper edge of the right shoulder. You will be informed
Phản hồi
@milvescollc, yep it is inverted H&S but again it leads us to the 2 possible scenarios it is a quite difficult and controversial moment
Phản hồi
milvescollc SkyRockSignals
@SkyRockSignals,

How about BTC at this level?

Did it make the second dip to form a shallow right shoulder and now about to touch the neckline, 4hr. chart, and hopefully crossing over the upper long-term channel trend line at the same time?

Phản hồi
@milvescollc, if the price manages to consolidate in the channel it should bounce of 8500 level. This will indicate a reverse and further growth
Phản hồi
agree
Phản hồi
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