Nathanael
Long

Inverted head and shoulders prediction (for fun)

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
580 10 4
I hate predicting timeframes. I was not going to publish this, but I thought what the hell - I will for fun.
Now, although this chart is a bullish prediction, I remain pretty NEUTRAL for a few reasons;

1) We have heavy resistance around 1115. We have failed to go through it 3 times already.
2) We just had a insane bullish run, people are wanting to take profits, and
3) Those who have not bought want to wait for a cheaper entry, especially after such a dramatic rise.
4) I just don't feel the momentum of a 25% rise in one day.

I am now holding BTC , but I won't relax until we push through 1115 with some decent volume .

Now, on with this chart:
It looks like it could be an inverted H&S . Usually after an inverted H&S , the price rises equal to the distance between the head and the neckline. In this case on the 15 chart, its about 262 points. I copied the line and pasted in two parts of the neckline. One in the centre, and one near the breakout point, and I made the distance between the tops of those bars a "target price range zone"
Like I said, I have never seen someone accurately predict time, but if the breakout point acts like a point of symmetry, then I would guess we would hit this target in about 24 hours.

*Disclosure: this chart could be complete BS, but we will find out. I would love to hear some feedback. Take care!
flibbr PRO
3 years ago
I also thought the same and tried to draw it but just couldn't I'm not going to feel comfortable myself until we've passed $1150+ with good suppor
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anthony.lawrence
3 years ago
Gox has passed 1115, currently 1174.
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wade8977
3 years ago
looks like your right so far! I hope your target is right too, for selfish reasons :)
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Nathanael
3 years ago
Well my timing is off, obviously. Time was based on a symmetry, which is kind of dumb. Lets see if we hit my target price point.
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wade8977 Nathanael
3 years ago
did you factor in the fact were sitting $100 off the all time high? I got duped by that swing to 1180 and thought you were going to have the timing nailed. In hindsight, based on absolutely nothing, a major resistance before the all time high makes sense to me...
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Nathanael wade8977
3 years ago
yea, thats why I included the ATH on the chart. I thought the resistance push through 1115 would be enough to get us to the ATH. Guess not
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wade8977 Nathanael
3 years ago
I think its coming soon. I think your right, but your time frame didn't include the ATH factor....i feel like every push before an ATH has taken way longer than expected. Again, based on nothing.
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ostaphedge
3 years ago
Looks like we are below trend line
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Nathanael ostaphedge
3 years ago
yea, 100%, We are however, out of our downtrend. So I'm at least BULLISH. Not sure about the inverted H&S anymore
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wade8977 Nathanael
3 years ago
did anyone else see the 480 bitcoin wall at like 1130-1145 virtually all day today? could that have factored in? I feel like it really wanted to go up
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