he Battle for the Future of Bitcoin (2018) Who will win? Bulls
I was trying to find inverse head and shoulders throughout the market and for bitcoin cash -0.62%this is what I came up with and I will be dissecting this as thoroughly as my dissection with bitcoin 0.95%.
Before I begin, I must mention that bitcoin cash -0.62%did have previous much smaller stronger inverted head and shoulder pattern before this one, it is marked in dark blue as well as the price objective, the reason why I am calling it a complex head and shoulder is because there are two very small shoulders on both sides that do cross the neckline.
For the large purple one, I have placed the objective price in purple as well, and I have noted that there is also a symmetrical triangle that is occurring in the breakout.
1.) There was obviously a downtrend before this head and shoulders .
2,) The left shoulder has more volume on the push down than the head does, which means that it is a divergence of volume , however, there were no bullish divergences in the RSI or any other place that I have checked for that matter.
3.) The slope of the neckline which can be seen in purple, is sloping downwards at a really strong angle which means that the downtrend was strong and it still probably had some momentum left for a further push.
4.) The wick of the right shoulder gets really close to the head, indicating more weakness in this movement. I believe roughly 10 dollars away from the bottom before getting pushed back up, the close of the body is in a much more appropriate place.
5.) The breakout volume was extremely strong, generally bitcoin cash -0.62%is a strong move, it is one of its strengths and weaknesses. and it reached the upper end of 890 on really good volume .
Current situation:
6.) Given the weakness of this current inverted head and shoulders , I have claimed that the current symmetrical triangle will breakout to the downside in order to test the neckline, however, it is possible the triangle breaks out to the upside. However, the price objective of the symmetrical triangle is somewhere around 750 if it moves down and around 900 if it breaks out to the upside, I believe it is more like that bitcoin 0.95%will finish its Bull flag around there or finish its movement to the downside as well and have a subsequent move up the objective of the of the head and shoulder bottom which is roughly 960 any move above 960 and I suspect that it will move further to the upside due to its volatile nature and strong movement patterns. Any break of the neckline would indicate an extremely weak buy demand and I would expect to see further movements down.
Before I begin, I must mention that bitcoin cash -0.62%did have previous much smaller stronger inverted head and shoulder pattern before this one, it is marked in dark blue as well as the price objective, the reason why I am calling it a complex head and shoulder is because there are two very small shoulders on both sides that do cross the neckline.
For the large purple one, I have placed the objective price in purple as well, and I have noted that there is also a symmetrical triangle that is occurring in the breakout.
1.) There was obviously a downtrend before this head and shoulders .
2,) The left shoulder has more volume on the push down than the head does, which means that it is a divergence of volume , however, there were no bullish divergences in the RSI or any other place that I have checked for that matter.
3.) The slope of the neckline which can be seen in purple, is sloping downwards at a really strong angle which means that the downtrend was strong and it still probably had some momentum left for a further push.
4.) The wick of the right shoulder gets really close to the head, indicating more weakness in this movement. I believe roughly 10 dollars away from the bottom before getting pushed back up, the close of the body is in a much more appropriate place.
5.) The breakout volume was extremely strong, generally bitcoin cash -0.62%is a strong move, it is one of its strengths and weaknesses. and it reached the upper end of 890 on really good volume .
Current situation:
6.) Given the weakness of this current inverted head and shoulders , I have claimed that the current symmetrical triangle will breakout to the downside in order to test the neckline, however, it is possible the triangle breaks out to the upside. However, the price objective of the symmetrical triangle is somewhere around 750 if it moves down and around 900 if it breaks out to the upside, I believe it is more like that bitcoin 0.95%will finish its Bull flag around there or finish its movement to the downside as well and have a subsequent move up the objective of the of the head and shoulder bottom which is roughly 960 any move above 960 and I suspect that it will move further to the upside due to its volatile nature and strong movement patterns. Any break of the neckline would indicate an extremely weak buy demand and I would expect to see further movements down.
Comment:
I copied the wrong title, but that's okay, this is about bitcoin cash. But I copied the previous title of my bitcoin ideas.