Bitcoin BTCUSD resumes rally on 1HR H&S pattern!

20 Ağu

https://www.tradingview.com/x/jc7mpNZ5/

Bitcoin following a little strength in weak volume weekend trading & then softness during Monday trading right around the world, has during Tuesday's Oceania & Asian session recommenced a rally fuelled mostly by this Head 'n' Shoulders Buy setup on the 1 Hour timeframe. It appears to be showing good strength so far today.

Buy on a pullback perhaps..... It would appear that a retest of this H & S is complete.

20 Ağu

İşlem aktif

4HR Chart & the big green Candle upwards which commenced Oceania trading about 6 hours ago at the commencement of Tuesday session.

20 Ağu

İşlem aktif

Notice the 20 & 50 EMA's converging together & sloping upwards again.

20 Ağu

İşlem aktif

This 1Hourly H&S buy is looking good still. I am expecting some more buying demand soon as Europe awakens & during the New York session Tuesday.
But be aware that anything is possible with Bitcoin regarding its price action. We sometimes see price reversals for no apparent reason.
However, I am one that is bullish on bitcoin. I mostly trade gold and silver but I dabble in some bitcoin.
See my chart I just updated which gives you a possible price target for this trade on the H&S 1HR. This is copybook take profit for a H&S but I don't know for sure that price will climb a further 3.25% today. I think this H&S on the 1HR will continue to play-out bullishly over the next couple of trading day.

20 Ağu

İşlem elle kapatılmış

59,330 is possible for bitcoin due to the opposing head n shoulders pattern on the 15m. I see the resumption of strength upwards soon.