BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Head & shoulders pattern forming on Bitcoin .

There is a demand zone shaded in blue that is acting as the last support. I'm expecting this to break, and break well with volume . A sloping neckline always performs better!

Volume is also decreasing on the right shoulder. All signs of a downward breakout.

Target is the green line, stops above red line once the neckline breaks.

Please give this trade idea a THUMBS UP and I will keep you updated!

Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.


Trade active: Here we go. Orders filling
Comment: Lower low.
Trade active: Adding more to short position on a break of the bear flag pole:
Trade active: Didn't get the bear flag break. Manage risk as we are seeing a pull back now which hurts the H&S performance to target.
Trade active: Reducing risk and moving stops to BE
Trade active: Taking partial profits is a good idea
Trade active: Majority of position closed, banking profits
Trade closed: target reached: Wow pin point target reached!!
Lol is that you imaginary head and shoulders? lol
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@wildbeast, haha i keep up at night just thinking bout H&S patterns, but yes good possibility this is. A clean break of the neckline will confirm.
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Too late to short now.
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cheesetoast LauriElias
@LauriElias, why? if you're a pattern trader, then you got to take the trade.
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LauriElias cheesetoast
@cheesetoast,that red line you have at ~7800, maybe there.
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cheesetoast LauriElias
@LauriElias, If it gets there could still be a valid H&S pattern too,. but if the neckline breaks sooner i'll be short
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thumb up!! cheer up!!!
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@macro9, Thanks!
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