Bitecoin Heah & Shoulder Pattern Outlook, Next short term steps
An observation made today.
The RHS of H&S 2 is remarkably showing signs of similar structure albeit in proportion to the previous H&S 1 as indicated in this chart.
From the H&S 1 pattern , the 25th OCT 2019 pattern had a strong reversal over 2 days (knee jerk reaction to the candle pattern falling below its support line as shown in section 1 of this view in the H&S 1 pattern.
Roll forward to the 2nd H&S LHS pattern , an observation identified, the action on the 8th March is showing similar traits to the previous (H&S1 LHS) chart when it breached the H&S support line as indicated in that pattern.
If the pattern mirrored in H&S 2 LHS to the H&S 1 LHS, by proportion we could see an upside on the 10th March in the region of 20% from current prices. Then a long slow retracement to the otherwise normal direction and movement of timeseries harmonic wave theory, with it settling back to its normal flight trejectory in time ( quite suprisingly in and around the estimated day of the halving 10/11 May 2020)
The flip side of this Theory is it does not turn on the sup[port line for H&S 2 but crashes through it, Should this happen based on previous indication from H&S1 we could be looking at a 17-25% fall off in price.
Looking at the ADX DI chart the indicators shown at position 5 are remarkable similar in structure, if 6 plays out like 5 did, we are moving down further.
We have a week of interesting market movement ahead of us, Let the bulls and bears into the ring to commence their battle.
Me I am hoping for the downside swing.
The RHS of H&S 2 is remarkably showing signs of similar structure albeit in proportion to the previous H&S 1 as indicated in this chart.
From the H&S 1 pattern , the 25th OCT 2019 pattern had a strong reversal over 2 days (knee jerk reaction to the candle pattern falling below its support line as shown in section 1 of this view in the H&S 1 pattern.
Roll forward to the 2nd H&S LHS pattern , an observation identified, the action on the 8th March is showing similar traits to the previous (H&S1 LHS) chart when it breached the H&S support line as indicated in that pattern.
If the pattern mirrored in H&S 2 LHS to the H&S 1 LHS, by proportion we could see an upside on the 10th March in the region of 20% from current prices. Then a long slow retracement to the otherwise normal direction and movement of timeseries harmonic wave theory, with it settling back to its normal flight trejectory in time ( quite suprisingly in and around the estimated day of the halving 10/11 May 2020)
The flip side of this Theory is it does not turn on the sup[port line for H&S 2 but crashes through it, Should this happen based on previous indication from H&S1 we could be looking at a 17-25% fall off in price.
Looking at the ADX DI chart the indicators shown at position 5 are remarkable similar in structure, if 6 plays out like 5 did, we are moving down further.
We have a week of interesting market movement ahead of us, Let the bulls and bears into the ring to commence their battle.
Me I am hoping for the downside swing.
I was not expecting that action that complete so quickly, but it has and we find ourselves to the downside.
The possibility based on the law of averages that average returns from similar H&S completions downside to the tune of approx 17% from the Xover of the H&S support line BREACH