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Bitcoin BTC Bearish 3x head and shoulders + bearflag/ wedge!
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Bitcoin 3x head and shoulders + bearflag / bearish rising wedge + triangle. All patterns confirmed and valid
Dear friends,
As I expected, Bitcoin is forming a bearflag / bearish rising wedge (purple) . Yes unique because there are now 3 bearish head shoulder formations actif at the same time of which in all three the neckline has been broken.
Currently, Bitcoin is re-testing the orange neckline of a smaller HS formation. Bitcoin formed under the main trend and necklines also the bearish purple rising wedge / bearflag.
This picture looks pretty bearish. I expect around 34000 max 34500 another decline with the following targets.
32250
30500
28800
28800 is extremely important. If BTC not hold this level we will sink much deeper. and we get 27500 and 25000 as first targets.
If the price breaks through the red descending trend line with good volume that is a warning. If then BTC breaks through the green triangle trend line a second warning. Above 35200 there is a possible bullish scenario with target 39500 - 41500. This is because we set a higher high. Of course going long only after a pullback with confirmation of a higher low!
If you look at this chart, a bearish flag/ rising wedge under a broken trendline in combination with 3 HS formations. It need to get very crazy if it breaks to the upside but we just follow what happens. This scenario is most likely, what do you think?
Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Dear friends,
As I expected, Bitcoin is forming a bearflag / bearish rising wedge (purple) . Yes unique because there are now 3 bearish head shoulder formations actif at the same time of which in all three the neckline has been broken.
Currently, Bitcoin is re-testing the orange neckline of a smaller HS formation. Bitcoin formed under the main trend and necklines also the bearish purple rising wedge / bearflag.
This picture looks pretty bearish. I expect around 34000 max 34500 another decline with the following targets.
32250
30500
28800
28800 is extremely important. If BTC not hold this level we will sink much deeper. and we get 27500 and 25000 as first targets.
If the price breaks through the red descending trend line with good volume that is a warning. If then BTC breaks through the green triangle trend line a second warning. Above 35200 there is a possible bullish scenario with target 39500 - 41500. This is because we set a higher high. Of course going long only after a pullback with confirmation of a higher low!
If you look at this chart, a bearish flag/ rising wedge under a broken trendline in combination with 3 HS formations. It need to get very crazy if it breaks to the upside but we just follow what happens. This scenario is most likely, what do you think?
Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Nota
UPDATE Dear Friends,
An update on Bitcoin with slightly redrawn repositioned neckline and bear flag (purple).
I have slightly repositioned the neckline of the hs formation but it is still perfectly valid.
The price can possibly go up to 34500. Does BTC break higher then there is a warning zone. Only above 36700 we have set a higher high but then at least a pulback has to happen to go long.
However, I expect the price to bounce off and fall further. I expect this due to the following reasons.
1. 3X HS formaties
2 a larger bearflag
3. Inside the purple bearflag we see a bearish rising wedge(red)
4 The red trendline connecting the lows which is extremely important was broken .
5. Once again declining volume with rising price
6. A series of lower highs and lower lows.
New we also see now clearly that btc has formed a bearish rising wedge in the bearflag as well. Can it be more bearish?
Stop loss for this short is 35250 the targets 32240 - 30500 and 28750.
There are so many factors that point to this trade succeeding but if it doesn't then it is due to manipulation of large funds because technically the picture is right on all counts.
Good luck dear friends and don't forget the stop loss and the 1-2% money management rule!
Nota
Looking at the candlesticks we clearly see signs again that it is going down quickly with Bitcoin unless there is intervention by a big party. We know this happens and that can disrupt everything but under normal circumstances it runs as we see in the charts.Don't forget the important rule; lower highs, lower lows. This is the most simplistic and powerful definition of the trend. When we set a higher high we are still not ready for long positions. We first have to set first a higher low after that higher high. That is then the moment to go long. That moment can be a trendline break, a bullish candle on smaller time frame, a double bottom and so on.
Good luck dear friends!
Nota
A zoomed-in view. A zoomed-in view.
An Important point is highlighted.
Nota
Dear friends,Do not forget to also check this chart. It is simple with clear targets for going long or short. I does not need to be complicated ;-)
Nota
ImportantDear Friends,
Currently Bitcoin is still perfectly following the purple Rising wedge Beearflag. I expect it to break out downwards but only when the international markets reopen.
If Bitcoin break upwards then that looks to me like yet another bulltrap! So beware of it because it happened several times and BTC is famous for it.
When is it safe to go long? For that we first need to set a higher high and and higher low. So first of all above 35200. But then we need to set another higher low.
In short.
+34500 is a bullish signal but not to go long.
+36000 is a clear improvement.
+36800 The trend has reversed, after a re-test of 36800 Long positions are indicated but with a target of max 41-42000 USD.
I don't expect BTC to go above +36800 and not even +36000 but if so we will follow charts.
Why I don't expect it is because of the clear technical picture. The volume which is very low. There is absolutely no drive to be seen that people want to go full long. If there is a breakout upwards then as we have seen before it will come from a whale or large fund to manipulate again.
Above 36800 with the close of at least a 4 hour candle is the signal and would mean we are heading towards 41000 /42000 again but unfortunately another huge resistance awaits there. Only above the trading range and after a pullback to retest it, the picture has changed completely to bullish and we can at least go to the old top. So step by step see what happens and don't act sooner or let yourself be lured into a trap is the message here.
Happy trading dear friends and succes!
Trade ativo
UPDATEDear friends,
I do not expect it but possible the price can still rise to a maximum of 34500 till 35200 usd. That does noet change the bearish picture at all and all the levels remain exactly the same.
The volume has decreased again in the last rise so that is another bearish signal. All patterns are also still perfectly valid.
Patience, patience, patience ;-)
Tonight or tomorrow will bring clarity in my opinion.
See you later friends!
Nota
UpdateDear Friends,
Bitcoin has already formed another bearish rising wedge. I think this time it is going down a little faster because of the price movements that were getting smaller and smaller. The volume is also ultra low so a rise has little support. The Rsi is not cooperating either.
As I wrote earlier, a big move is coming and most likely not upwards.
Here is also a chart showing a possible trajectory. Bitcoin should show movement but whether it happens right away we will have to wait and see. The chart here is how it could go and not a guarantee. The market is dynamic and if Bitcoin starts to rise again we will adjust the strategy as exactly described with the levels in the previous analyses still perfectly valid at this time!
We will follow the chart and take it step by step without long term predictions which won't help you at this point anyway.
Good luck and don't forget the stops dear friends!
Nota
This is the original post updated.All the Head and shoulders patterns are still doing their job and still are valid.
Nota
Bitcoin has formed a new minor bearflag and is now testing its lower trendline. The HS formation has not yet been broken at this time. Volume is bearish due to drop in volume when price rises and vice versa. See the red arrows in the chart and compare it to the price above it.The overall picture of Bitcoin looks very bearish but we have seen that in the other charts I have posted.
My previous analyses with various larger head shoulder formations are all still valid!
Good luck dear friends
Nota
UpdateYes indeed, again a new small bearish rising wedge. We have now 3 of them and we see also 2 extra HS fromations besides the 3 from my previous analyse! The 3 bigger also valid.
First targets in this chart 32226 - 31512 - 30492. + Targets from previous posts.
Good luck dear friends!
Trade ativo
Target 1 has been met and target 2 has been met! and now on to target 3! Good day dear friends!
The Last HS formations are slightly redrawn and still perfectly valid. Just like the 3 major HS formations from my previous analyses.
Bitcoin is still in a downward trend channel. The neckline of the blue HS has already been retested, that of the orange could possibly be re-tested as well.
I expect a further decline and only at 33400 where the new stoploss lies will things improve.
Good luck and always trade with a stop loss.
Nota
New bearish rising wedge.Good afternoon dear friends!
Please look at the chart.
Bitcoin formed a bearish rising wedge. IT is also at the point for the re-tests of the neckline again. BTC moves in the downward trendchannel.
A break above the red trendline will probably trigger a move to the upper side of the green channel. If it bounce on the red trendline which is the expected move it will continue to decline.
Wish you succes and profits!
Trade ativo
The bearflagThe bearflag has been broken so normally continuation of the downtrend.
Succes dear friends!
Nota
Diamond/ Inv HSGoodevening dear friends!
A small update here from Bitcoin
We see a small Inverted HS and a Diamond topping pattern.
Watch out for the breakout. The bigger HS formations are still in play from my previous analysis.
If green trendline is broken target we see probably the top of the channel in green.
But look at the volume! No volume = no valid move!
Keep an eye on the levels and wish you succes dear friends!
Nota
The downward trend continues.As you all know from the analyses, I have no doubt about the direction of BTC, it is still short.
Very first target is of course the low of last time at 28800 and there you can expect a rebound of the price but now the target of 25000 is fast approaching. Catching a falling knife can result in a big loss. Before going long you need confirmation.
Good luck with trading dear friends!
Nota
Important!Dear friends,
We see Bitcoin made a bearish wedge and also a expanding triangle. I think the expanding triangle could transform to a diamond pattern but it is still very premature to say. It will be more clear with time.
If Bitcoin break the trendchannel that could be a warning but to change the downtrend we need to look at the 4 hour chart and the last high need to be taken out = 33300. After that there need to be a higher low and that would be the signal to go long. That lower low can be confirmed with a bullish 4 hour candlestick, a double bottom and so on. I do not expect it but only price will tell.
Succes with trading!
Nota
Dear friends,We continue the uodates now on the newest post.
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