ChartArt
Long

[Uptrend] Bitcoin - Leaving Inverse Head And Shoulders

BITSTAMP:BTCUSD   Bitcoin / Dollar
**UPDATE** **WE ARE NOW IN A DOWNTREND**

See:
The bulls are turning into bears (Measuring trend strength)


With more information I can say that the green triangle was already the (short) uptrend after the inverse head & shoulders completed the right shoulder.

Because we broke through the neckline at 600 US Dollar             , when Bolivia announced that they ban Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have trouble with DDoS attacks on their service providers CloudFlare and Incapsula (and there are still discussions regarding the 51% issue with GHash) I expect a downtrend to follow. I fear the 600 US Dollar             neckline turned from a support area into the new resistance zone .

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After falling down from around $675, we had a large inverse head & shoulders pattern, with a bottom at Bitstamp at $538 and a left shoulder at $550 and a right shoulder at $552.

We just completed the head & shoulders pattern with a retracement (pullback) to the neckline at $600.

Previously we tested the bottom of this trend 4 times, as I mentioned here:
New (interim) bottom for Bitcoin established


-----------------------------Related Ideas---------------------------------------

I strongly agree with the "BULLS STILL CONTROL THIS MARKET" idea of ItisCalvin, which is currently the 'most agreed today' BTC chart on TradingView:
The Bulls Still Control This Market


Another good chart showing the major support was made by Low Pro:
Bear 3,2,1 > 0 < Bull 1,2,3


I also agree with the "BULLISH TRIANGLE TO 640" idea of LeMogwai, which confirms my theory. We are close to a breakout of his triangle - in my case - leaving the inverse head & shoulders pattern:
bullish triangle to 640


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P.S. Here is a Youtube video that explains the inverse H&S chart pattern:
https://www.youtube.com/watch?v=QLU4wjmSS8k
altcoin_invest
2 years ago
won't work here. We don't came to this from a long downtrend that their will be any significant reason to create a inverse head & shoulders. Just have a few to some simliar constellations from the past. It doesn't work
Reply
AKWAnalytics PRO altcoin_invest
2 years ago
I have been reading your posts and comments and it appears as though your bias is influencing your decisionmaking. You may be bearish philosophically, but the technicals are still clearly bullish and line up nicely with other cycles. Bitcoin is global (8 billion people) and there are only about 1 million active BTC users. If you think saturation has occurred, you are in for a shock.

Good luck, you might need it...
+1 Reply
altcoin_invest AKWAnalytics
2 years ago
Thanks for reading my posts and have a critic view on it. (we're all here for learning and can get a massive impact by constructive criticism. That's why I really would love to read more criticism about my other views.)
You're wrong and right (just my opinion). I'm bearish. Full bearish (except the altcoins I hold...not Litecoin ;-))
Am I philosophically bearish? I wouldn't say so. My Analyses always based on a couple of points. The "normal" TA just using the price action. Then something maybe I could call it the mood indicator, news, rumor, current bitcoin development (which include some of my philosophically views) ....etc.

But I also try to differentiate all these views to have a deeper look one by one in them.
Here I just try to explain why we've got no significant reasons why here a inverse head & shoulder should work, without having a view on all the other points. It was a separate view.

Thanks for wishing me good luck. At the moment my TA's where always correct by if bullish or bearish I puplished here on tradingview.
....but of course, only until now. The rest will the future decide. (why I publish mostly short positions here at TV? I find it easier to find a ATM then the lowest support)

Reply
ChartArt altcoin_invest
2 years ago
Please read the update of post. We were starting to go over into a uptrend, but now I all signs which I see tell me the neckline became a resistance and we are going down hard.
Reply
MoonTrader
2 years ago
I disagree. There was a clear head and shoulders before the move down to $540, which indicates that the market was reversing. Now we are reversing again, and I think this is just another indicator that that is what's happening.
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