At the moment we see several bullish patterns on BTC chart! In the weekend we have completed "Head & Shoulders" pattern where "Head" bounces from historically strong trendline + round number $8000 Now, when a price is around $8500, we have a breakout from pattern (H&S) neckline and also we have retested it (strong sign) + at the moment we see on the chart very bullish continuation pattern which is "Bull Flag".
@TheCryptAlpha, Eh...yes You are right! Lack of momentum looks like we are going to retest $7900-$8000 there are wait us some bullish criteria's ;) but let's see
Zakir-Ahmed
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H and S in incomplete with right shoulder not equal to left one ...what u say...volumes needed to cong
VaidoVeek
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@ghose12,
Hey
Sorry, I don't exactly understand?! What do You mean, it's not equal - I think those shoulders don't have to be exactly symmetrical! I find this pattern right now is pretty solid!
Thanks!
Zakir-Ahmed
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@VaidoVeek, ok..then this H and S gets confirmed only if we shoot out above 8.9k with huge volume nor it can fake out..and test upto 7.5k
VaidoVeek
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@ghose12, yes, but at the moment this inverted head & shoulders are a little hint and little price action confirmation where we could heading in short term!
And I think this is confirmed inverted h & s because we break neckline and retest this - looks like a textbook trade to me. (bullish sign)