VOLUME: -Not Always but volume on the left shoulder should be higher than during the advance of the head. Thus decrease in volume and the new high of the head should serve as a warning. The other warning is when volume increases during the decline from the head then decreases during the advance of the right shoulder. Finally, volume should increase during the decline of the right shoulder.
NECKLINE: -The slope of the neckline will affect the pattern's degree of bearishness—a downward slope is more bearish than an upward slope
We also can see a ABC correction going on. ------------------------------------------------- The next few days will be very decisive for BTC We may break the 16.7k area and go to the 1,618 fib extension( I would be surprised if this happens) or we can follow the HnS pattern and go dip to the 8k. Either should be a good thing! At 1.618 we can enjoy some profits or we can put a stop order and reload at 8k. Stay tuned!
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we couldn't break the 16,8k with strength so is very likely we are going south her. next sup zone is 14K usd.
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So far so good, just as expected! pay attention at 14,2k resistance
To the best of my knowledge, there is not enough volume under the head, suggesting this is not a head and shoulders but rather an expanded flat correction.
Expanded flat corrections may look to a certain degree like a head and shoulders. This is just my hypothesis. I may be wrong.
I agree with you in most of it.
Please observe a head and shoulders formed on the last section of the graph, starting with A as a start point for left shoulder, B as a top of the head and bearish trending now to the neckline which I believe will form somewhere between 12k - 13k, then start to form the right shoulder, with a bull run to 15.3k.
Agree with you with fib. lines and by testing my theory, we should start again a bullish trend to a new ATH somewhere around 11.3k - 11.9k .
Please check my theory and let`s talk other options if there are and what is the probability to happen.
Atm. the 15.3k resistance point is strong.
Cheers !
Zielinsky
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@adishepherd, yeah that's completely plausible. I still think we can go lower.
It's a very hard time to trade if you are a beginner as everything can happen! A breakout because of the new fork on December 28th? who nows?
I'm out for now and that allows me to have a good night sleep hahaha.
I really wish BTC hits the bottom at 11.3k like you said so e can reload :)
Zielinsky
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@Tomtom489, 4 published ideas, 500 views hahaha what a shame
Tomtom489
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@Zielinsky, I dont waste time with publishing things because people just post things to post things and they are always incorrect, figured it was a waste of time, just like this reply is right now. I agree with the increase in price, i have been saying it in the chat for 3 days since the reversal point and steady hourly increase, as well as movements out of each wedge. However, H&S pattern is a joke and as soon as you said 8k I realized you had no clue what you were talking about.
Zielinsky
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@Tomtom489, hahah ok, you dont understand fib extensions, resistance or other things like that. Just look to your Ta they all have 2 phrases and they are terrible. You should stop commenting shit on others person TA.
If you disagree, ok that's your opinion. Just say what think and we maybe can have a discussion.
Expanded flat corrections may look to a certain degree like a head and shoulders. This is just my hypothesis. I may be wrong.