The price bounced from the kumo and RSI confirmed price reversal. We have a new swing low which can be used for drawing a new uptrend line. This line will be an additional support line for possible upward movement. Also this line will be able to give a signal for downward movement, if the price drops below it. If we look at ADX line of DMI indicator, we can see that it rises and confirms the beginning of possible upward movement. But volume is rather low and we should not expect for strong price movements. In spite of buy opportunity, opening long trades in such market conditions is not the best idea. The resistance zone formed by 2900.00 and 3000.00 levels is not too far from the possible entry level at 2810.00. That's why it will be possible to skip this trade and wait for better trading signals. But if you decide to catch this possible upward movement, good luck! You must be very careful with long trades and use stop orders below 2650.00 for exit if the market starts falling. Profit targets should be at 2900.00 level.
very clear and detail :)
but opportunity trade this time is kind of high risky - so so reward (res @2900 meanwhile entry level should be above @2810) moreover the market and the volume seem not ready to fight the very strong res 2900 (we had 5 tries but failed)
i myself expecting the downtrend to 2600 or even 2400 to grab more volume at 8/5-8/6
let's wait.
crypto_newton
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Don't you think that it is not completed yet H&S pattern? Thanks
KarneshJay
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the h&s pattern is not finished yet and still has not broken the 2909 resistance line. After this next head,im expecting it to drop to the next supporting line which is around 2600 and if it does break that resistance all the way to 2400, god bless my soul
vmjaviere
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Was waiting your idea, thank you master
flipper55
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I blindly bought in about an hour ago after it crossed my trend line on a quick move..... then after I bought I saw the volume, or lack there of, and no real other signals to buy... god I'm hoping the thing at least carries to 2900 so can get some profit of a quick/ill-advised/stupid trade.
Too be fair, I think the move past $2900/$3000 is going to be quick one... so I jumped without looking.
JPTradeCrypto
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@flipper55, I see quite a bit resistance volume around the 2800 mark. I think we will break the 2800 dollar but it might first need a retracement near the uptrend line to get some volume back. Look at BCH for maybe a short term trade incase BTC goes into the retracement.
Donovanbr
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@flipper55, I did the same. Looking at history, the quick upward move can happen verry fast. Technical analysis does not always work as unlike the stock exchange many 'buyers' are not experts and there is a huge psychological factor. That zone lies at $3000.
JPTradeCrypto
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@Donovanbr, Currently it's forming the right shoulder clearly on the 2h chart from kraken/usd and eur. Then it's a negative head and shoulder pattern... be cautious with your trades.
PositiveVibe
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Is 4480ish It for btc (double top), or is this just a healthy pullback before it climbs into the $4,500's
Grandmaster_Nitemare
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Missed that great opportunity but there will be more to come ...
but opportunity trade this time is kind of high risky - so so reward (res @2900 meanwhile entry level should be above @2810) moreover the market and the volume seem not ready to fight the very strong res 2900 (we had 5 tries but failed)
i myself expecting the downtrend to 2600 or even 2400 to grab more volume at 8/5-8/6
let's wait.