Bitcoin Treading Water Pre-China News current $4177.81 30Sept17
We are jostling for power between a tight range of $4,000 and $4,250 ($250 range), with Bitcoin unable to break higher but resisting going lower.
Even on the smaller time frames (this is a 1hr chart), a trained eye can recognise patterns. Inverted H&S is often a bearish signal but in my experience of trading Bitcoin, it has proven to be the opposite (as I have shown on previous posts).
We need some conviction, either way:
- on the downside a break of Support at S1
- on the upside a break of the neckline
I guess the market is awaiting news from China and is treading water in the meantime. In a few hours, we will know...
The important thing though is that we have done our homework and WE ARE PREPARED.
For now, I will stick to my Plan and see which structure breaks first.
Sean Vengan
Professional Trader and Trading Educator
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis then it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is your full responsibility, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up my valuable time providing analysis to you please respect that I am providing it free of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please don't disrespect me or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.
Even on the smaller time frames (this is a 1hr chart), a trained eye can recognise patterns. Inverted H&S is often a bearish signal but in my experience of trading Bitcoin, it has proven to be the opposite (as I have shown on previous posts).
We need some conviction, either way:
- on the downside a break of Support at S1
- on the upside a break of the neckline
I guess the market is awaiting news from China and is treading water in the meantime. In a few hours, we will know...
The important thing though is that we have done our homework and WE ARE PREPARED.
For now, I will stick to my Plan and see which structure breaks first.
Sean Vengan
Professional Trader and Trading Educator
DISCLAIMERS TO VIEWERS OF MY POSTS - PLEASE READ CAREFULLY
1. If you don't agree with my views or analysis then it's very simple, FOLLOW SOMEONE ELSE
2. I am not here to give you financial advice and if you take a trade it is your full responsibility, not mine.
3. I am not your Professional Trading Mentor or here to provide you with a Free Professional Trading Advisory Service.
4. I am not obliged to provide analysis, commentary or answer any of your questions. I am here to trade for my sole benefit, not for your benefit.
5. I am a paid member, not a free member, so I am on Trading Views to use their paid services. My presence on TV is not to provide you with analysis.
6. I am happy to help you in your trading if I choose to and I feel you are being courtesy. It is my free choice to answer you, I am not obliged to.
7. If I provide and give up my valuable time providing analysis to you please respect that I am providing it free of charge. Appreciate it and don't take it for granted.
8. If you comment to me, simply be courteous and we can show each other mutual respect. If you are rude or disrespectful I will ignore you or send you a curt reply.
9. If you are abusive I will report you and will leave it to the moderators to decide if you should be banned.
10. If you don't like my views eg If I think Bitcoin is going up and you think it is going down, then please do not abuse me just for having opposing view to you. Show us all your analysis, don't hide behind rude comments and alias name. Lack of analysis shows lack of knowledge and experience.
11. I have no issue with you expressing your opinion or disagreeing with my views but please don't disrespect me or write personal comments, this is offensive.
12. I have over 10years+ solid Trading Experience. I do not need to justify myself to you my knowledge and experience, my analysis and commentary demonstrate my skills and expertise.