If the 0.618 fib holds (3600 level), I'm expecting a completion of the right shoulder of this big inverse H&S being formed on most high time frames.
Technically, it is a buy above a clean break of 4400 (stronk resistance), but a buy with a stop right below the 0.707 is a decent r/r play
Long: 3660-3700
Stop: 3550
Target profit: 5600
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Symmetrical triangle being formed on large time frames. Breakout is approaching the apex. A break below and 4 hour close below this trend line will signal an exit of all long positions and a re-test of the lower channel.
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Possible drop to the 3850 level (on Bitfinex) to re-test the symmetrical triangle support.
If it falls below this, I'm out of all longs.
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Looking bearish so far. MACD is flat lined, but consolidation around critical support with rejection wicks means that downside hell candles could be imminent. I'm out of more than half of my long positions at a decent profit.
Still has yet to hit my 3850 stop loss
أغلقت الصفقة: تم الوصول لوقف الخسارة
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Just as I expected. Broke below the symmetrical triangle. Should be confirming resistance now with more downside ahead.
I don't understand why you consider this an ihs. The right side of the head forms a lower high in an already heavily bearish market and the volume profile doesn't match. Half of CT will interpret anything remotely resembling an ihs to be an ihs and MMs know this, it's guaranteed liquidity. It makes much more sense for big accounts to paint the right shoulder and fakeout and then dump on all the meme traders