BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Looking back into the price action of BTC , I was able to find a handful of Head & Shoulders chart patterns. Many of these appeared after a level of the Fibonacci channel was challenged and more interestingly, the patterns did not fully do their job, totally reversing the trend.

On this chart, we have a Fibonacci channel going back to August 2015. After the completion in December 2018, it seems that the price forms reversal chart patterns whenever a Fibonacci level is challenged. This has happened for almost all the levels; In June 2017, the 0.382 Fibo level is challenged and shortly thereafter, the price forms a Head & Shoulder pattern. The head itself is more likely an Adam & Eve Double Tops. Another instance of such an occurrence is November 2017 where the price forms an Eve & Adam Double Tops right after the 0.618 Fibo level is challenged. More interestingly, while both Head & Shoulders and Doube Tops patterns are supposed to totally reverse the trend, they act in favor of the trend. In other words, these patterns do push the price down, but they do not reverse the pattern. After the price goes down to some extent, bullish momentum increases and the buyers establish the price above the previously challenged Fibo level.

I am quite convinced that we are trending upwards and the price just recently did challenge the 0.236 level. Even though the pattern is not fully developed, my guess is that we will have a Head & Shoulder very soon. After all, I will not be surprised if we push than a little and shortly thereafter, break the old swing highs. I will be a buyer on dips...

Stay tuned...!
keep it up! nice mate
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No.
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usablewifi viraltaco_
@viraltaco_, super constructive reply
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viraltaco_ viraltaco_
I mean I'm trying to see it. I just can't:
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