Bitcoin (BTCUSD) price update for Tuesday, January 15th, 2019.
HH – Higher Hi;
LS – Left shoulder;
HL – Higher Low;
H&S – Head and Shoulders;
After breaking local support of $3 681, and successfully retesting and confirming it as resistance, bears tried to push price below LS and finally breaking the H&S pattern on Daily timeframe. Bulls showed up near $3 463 level holding the broadening formation described in our last Bitcoin price update, which was good for intraday traders as price moved back into the resistance area of $3683, making a new local HH spiking to $3 718. Bulls are trying to take control of the situation, but at moment it’s still not clear if they will succeed or not, and in order to do so they have to build a new HL. At moment Mr. Shadow is considering 3 following scenarios:
Bullish Scenario:
Bulls succeed, making a new HL above Sunday minimum above $3 478, pushing price above $3 720.
Aggressive Bearish Scenario:
Bears succeed, holding price below local hi of $3 718 and pushing below LS – $3463. Mr. Shadow considers a small short position with half size above $3 650 with stop loss at $3 764, and first target into $3 300 area.
Conservative Bearish Scenario:
Without making a healthy correction below $3 570, and lacking power, bulls push aggressively price higher into $3800 - $3900 area, which is also the 0.5% and 0.618% Fibonacci retracement area where Bear take control of the situation and slowly during this or next week, are targeting $3 300 area. Mr. Shadow would consider a short position with full size above $3 800, with stop loss at $3 970 and first target into $3 300 area.
LS – Left shoulder;
HL – Higher Low;
H&S – Head and Shoulders;
After breaking local support of $3 681, and successfully retesting and confirming it as resistance, bears tried to push price below LS and finally breaking the H&S pattern on Daily timeframe. Bulls showed up near $3 463 level holding the broadening formation described in our last Bitcoin price update, which was good for intraday traders as price moved back into the resistance area of $3683, making a new local HH spiking to $3 718. Bulls are trying to take control of the situation, but at moment it’s still not clear if they will succeed or not, and in order to do so they have to build a new HL. At moment Mr. Shadow is considering 3 following scenarios:
Bullish Scenario:
Bulls succeed, making a new HL above Sunday minimum above $3 478, pushing price above $3 720.
Aggressive Bearish Scenario:
Bears succeed, holding price below local hi of $3 718 and pushing below LS – $3463. Mr. Shadow considers a small short position with half size above $3 650 with stop loss at $3 764, and first target into $3 300 area.
Conservative Bearish Scenario:
Without making a healthy correction below $3 570, and lacking power, bulls push aggressively price higher into $3800 - $3900 area, which is also the 0.5% and 0.618% Fibonacci retracement area where Bear take control of the situation and slowly during this or next week, are targeting $3 300 area. Mr. Shadow would consider a short position with full size above $3 800, with stop loss at $3 970 and first target into $3 300 area.
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