BTC - M15/M5 - POTENTIAL INVERSED HEAD AND SHOULDER FORMATION ?
M15 : There is a potential inversed Head and Shoulder formation in progress, neckline
being @ around 56'000 !
Nevertheless, the recent recovery, which is expected to be only corrective, for the time being,
reached nearly the 78.6% Fib ret @ 55135 (high being 55'104)
So, from current level, I would suggest to watch carefully the ongoing H1 period and wait for the closing level
which would give more clues.
Watch action around Mid Bollinger Band (54700) which give good indication about the direction.
M5 : Breakout attempt of the clouds resistance in progress but not on a very strong way...
Watch Mid Bollinger band as a good barometer (54'600)
For those who trade in very short term time frames I strongly suggest to monitor M5 very closely in order
to catch early signal (s) which should be confirmed by M15 and H1
all the best
Take care
Ironman8848
being @ around 56'000 !
Nevertheless, the recent recovery, which is expected to be only corrective, for the time being,
reached nearly the 78.6% Fib ret @ 55135 (high being 55'104)
So, from current level, I would suggest to watch carefully the ongoing H1 period and wait for the closing level
which would give more clues.
Watch action around Mid Bollinger Band (54700) which give good indication about the direction.
M5 : Breakout attempt of the clouds resistance in progress but not on a very strong way...
Watch Mid Bollinger band as a good barometer (54'600)
For those who trade in very short term time frames I strongly suggest to monitor M5 very closely in order
to catch early signal (s) which should be confirmed by M15 and H1
all the best
Take care
Ironman8848
Komen:
Inverted Head and Shoulder neckline broken, pullback towards the breakout should be seen watch price action for breakout confirmation !
Komen:
On H1, last candle closing was above the clouds ! Watch next H1 closing which will validate or invalidate this clouds cross over !
