This idea is based on math. So far all works as expected. Let’s see how math’s works on chart below. Average price decline on Double Top Adam and Eve is 22%. Our DT was 22%. While DT was created it developed bearish flag. Average price decline to flag is 26% - our was 36%. From flag top to bottom of formation average decline is 25% - our was 29%. Change in price after pattern completed - for DT is 43% up and for Flag is 40% up. Judging on stats we should expect price rise to 11000$ and that is a level of massive resistance.
Now let's talk about BTC rising wedge which is in progress right now. On chart below You can see that possible point of drop from wedge, would be 9500$. Average price decline on rising wedge is 14% and in our case it would be around 8300-8400. Change in price (move up) after fall is finished, on average is 35% up, and in our case it would be 11500% - place where H&S is finishing.
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This information is not a recommendation to buy or sell.
@balocik , any update on this? It didnt follow head and shoulders but we had a 35% price rise to 9k.
PipEze
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@Nxo, Sorry for being out of TV. From my calculations BTC is in process of creating double bottom which should reach 15800 and if that level is reached we will get Bearish Bat pattern which comes from harmonic patterns family and that means fall in price.
nnxx
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@balocik, Ok I see. However, that wedge just got invalidated.
According to your idea we should see an small correction of the rising wedge to the 8300/8400 before finishing the H&S formation, correct? (Thanks for sharing, BTW, this is awesome)
PipEze
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@missmagui, Yes that is correct. Please be aware that this is only trading idea - it is not future prediction
nnxx
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Interesting idea. You see them before everyone else.