DrDovetail
Long

Inverse Head and shoulder pattern has formed! Watch 4 the break.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
On the 4 hour chart we can see a clear inverted head and shoulders pattern has formed...it needs to go above the thinner grey line to break the neck line in order to be valid, but even then, we need bullish confluence in every key indicator ( rsi , stoch , mac d and especially Volume ) to validate the pattern. To break the grey neckline we will need to get above 9,000 and close the 4hour candle there. Currently the depth chart on gdax suggests that the sell wall will engulf the buy wall just before it hits 9,000 and send it back down as far as 7900-8100, however it may be able to still shoot back up again before the 4 hour candle closes to over 9,000 breaking the trendline and validating the pattern...even if it doesn't break the trendline on this candle, keep in mind that sometimes head and shoulder patterns will retest the trendline , so I think it's very possible we will see it break the nackline within the next 3 days. I plan on waiting until the depth chart dumps and getting some more bitcoin             then to take full advantage once it breaks the trendline . If I don't see the volume to go with the pattern once it does break then I will amke sure to safeguard myself with appropriate stop losses. A special thank you to all those so far who have read, and liked my ideas. Thanks to you, I have finally reached the coveted 50 reputation points needed to be able to communicate on other traders idea pages haha. I'm still fairly new here to this space so thanks again for your time...and always this is only what I plan to do and not financial advice....you do you.
Comment: this is a low probability guess/prediction/stab in the dark but I say now that it's looking like todays candle will close as a green marubozu and I have an inkling that tomorrows candle will probably be the exact same body height and also close as a red marubozu essential acting like large tweezers which are the equivalent of one big doji. Total guess based on a multitude of factors but if I'm someow right I will have astonished myself. lol I think it wont be until the following days candle after that that we finally break the neckkline.
Comment: if my guess comes to fruition what a great alentine's day gift that would be lol.
Comment: *valentine's* ;)
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