BTC (Y20.P2.E8).Micro.Formations.H&S

Hi All,

We have 2 formations, the micro level, an inverse H&S just played out.
We also have the bullish scenario.

Now how likely is the bigger formation to take place. The H&S or the Ascending Triangle. What is more likely now?

Its a hypothesis and is not trading advice.

I still have 7800 to 8100 target however I don't see it happening any time soon. Why, this looks like a big rejection, on the 4 hrly, I would like to see the next 4 hrly.

The next 4 hours look bearish however the 8 hrly onwards looks good meaning its unlikely to drop any time soon.

Cheers,
S.Sari

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In the next 6 to 12 hrs, it is likely to drop further more. I would like to see this time elapse to get to see what formation is taking place and a reading on the Daily reading indicator.
Currently there is no bullish divergence to have confidence on a bounce up.
This trend line will be the critical point as one can imagine. If it gives way, the macro H&S will likely play out to hit the 4800 to 5200 range.

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The macro target for now

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Looking at the 12 hrly chart, it is likely that we have a significant drop, and the daily is still bullish. Hence another 12 hrs will let us know if we are to drop majorly

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Woke up today and check some other indicators and still bullish and here is why:
a) RSI on the 12 H and DAILY, bottom support trend not broken
b) Macd on the 12 H and DAILY, MACD ontop of SIGNAL and still moving upwards
c) As per this chart, volume indicator shows significant volume compared to previous bottom
d) Ichimoku has 4 elements bullish on the 12 H and Daily

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Just looking at the 12 HRLY and Daily indicator, looking weak, however I like to see the time close on these. 12 HRLY has 4 hrs to go and Daily another 16 hrs.

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Bigger picture

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