MagicPoopCannon

Inverted Head And Shoulders Building in Bitcoin (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin appears to be forming an inverted head and shoulders pattern. The dotted trendline is the neckline of the formation. A breakout above there, is likely to send BTC toward the 50 EMA on the daily chart , near $5,000. Sorry for the brief chart. I'm currently on the go.

This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Comment: Here's a better look at the structure I was trying to post about. It actually looks now, as if it isn't going to play out as an inverse head and shoulders. You can see that we're about to break below the orange moving average. A sustained break below there will likely negate an inverse head and shoulders.

Comments

Funny reading the trolls ..its entertaining. Free TA is better than no TA. But I'm and adult who conducts my own research using other TA's for different points of view. This is what this forum is about. Its called tradingview for a reason. People share their trading views to help others form an opinion. If the TA does not match your view, simply move on. If it does, just hit the like. Lots of kids on here.
+11 Reply
@fernx,It's definitely entertaining to say the least -- like everyone calling me insane when I said to short BTC at $18K, $10K, and $6K and at these current levels. Lots of fancy charts here and kids love the glitter. The story is missing from a lot of these "ideas on TV."
+1 Reply
LOL is this the same as your massive failed inverted H&S from March? Hahahah you never let go of that thing even after it had like three shoulders. It probably killed you.
+10 Reply
mezase UnknownUnicorn2190767
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lestaire UnknownUnicorn2190767
@UnknownUnicorn2190767, yes, I remember that one! Lol
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ClaymorePT UnknownUnicorn2190767
@UnknownUnicorn2190767, He explicitly warned at the time, that the inversed H&S would only be valid after a break above the neck line, which never happened.
Go back and read his comments at the time.
+6 Reply
I warned you all below, that the pattern "actually looks now, as if it isn't going to play out as an inverse head and shoulders. You can see that we're about to break below the orange moving average. A sustained break below there will likely negate an inverse head and shoulders."

When I identify possible formations, I follow their progression until a confirmed breakout presents itself for trading. When I show you a pattern (be it a flag, wedge, head and shoulders, whatever) it is so you can follow the progression of that pattern too, to see if a breakout presents itself. However, sometimes breakouts do not present themselves, which means good that trading opportunities never presented themselves. So, you can call it "wrong," or whatever you want, but market investigation is a function of proper analysis. Sometimes, the investigation process doesnt follow through to the conclusion that you had originally anticipated, and that happens to all analysts. The fact that people come here to jump on analyses and call them "wrong" or this or that, just goes to show how inexperienced, amateur, and ignorant they are, when it comes to this very basic concept of technical analysis.
+9 Reply
MagicPoopCannon MagicPoopCannon
@MagicPoopCannon,

Correction: that good***
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N0S41NT MagicPoopCannon
@MagicPoopCannon, that didn’t even qualify as an inverted head n shoulders.
A h&s happens on tops,
A inv h&s happens on lows.
Those are the basics
Reply
@N0S41NT, Head back to formation school buddy.
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