veryevilone

inverse head and shoulders on BTC

BITFINEX:BTCUSD   Bitcoin / Dollar
828 6 8
Being a long term believe in BTC i am sad to share this chart. But there is light at the end of the tunnel if the pattern completes. Ive heard some people joke about $480. Capitulation. And such. But lately i have started to accept it more and more that it could become a reality. Now i was even able to make a somewhat realistic chart, that it could play out. Anyway, its nice to consider all things, and i will come back to this chart every now and then to see if the head will complete. Have a nice day.
Comment: Ok it looks like the head is not going to form. i am looking for consolidation around these levels and possibly a upward trend, until a big breakout up in a few days.

snapshot
hell NO, almost impossible after Brexit
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Bitcoin does not seem to react to external events as much as internal events. Internal there is concern that miners will be profitable after the halving, and the lower we go, the bigger the concern, the more the price could decline. Further more this is concern wether the SegWit technique whici is about to be added will have any bugs. I think a bear market makes sense short term.
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oldstout veryevilone
Thanks for interesting opinion but I'm still not conviced about the inverse HS idea that you presented.
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Seems like a stretch to anticipate this pattern when you only have one shoulder.
+1 Reply
I can see where you're coming from. The $480 would give us an ABCD correction and also retest prior resistance, but am anticipating the $460 level to be tested (at least wicking into it).

The neckline at $660-680 area has been a strong S/R level a few times now, not just in this last run up and down, but also back in June/July 2014 where it was a strong resistance level. As for the right shoulder, we would have to wait and see what price does at the $660-680 level first. It could retrace like you have charted or it could just pause and then blow right through it.

Either way, I anticipate the outcome would be the same with price moving higher to retest $1000+. Thanks for the chart.
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DanLaffas DanLaffas
Here's my weekly chart I just posted
Possible levels on the weekly chart (BFX)




And the H4 version
Possible BTC levels on the H4 chart
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