Maddie
Long

Possible bearish divergence and inverse H&S at the same time?!?

BITSTAMP:BTCUSD   Bitcoin / Dollar
Dear all,

After the rally, and the 30% decline it is time to take a closer look at bitcoin again.

Bitcoin has been facing allegations in calmer waters. Currently we see a head and shoulder pattern in the making, on the 1 hour time frame. If it breaks the neckline of 680, my target will be 770. (570-670=100, 670+100=770)
I recommend you to keep watching the resistance at 680 and to keep in mind that this resistance should be broken with a hugh increase in volume , to be valide...

Another thing that I've noticed is the bearish divergence, which has formed on the 1h, but not on the 4h. Because it hasn't formed on the 4h yet, this could mean the next wave on the RSI will be higher than 75 to make the bearish divergence invalide, which is also inline with the bullish H&S .

If BTC doesn't break the resistance at 680 before the end of the month, I would say that the H&S is invalide. For now it's to early to say and everything looks still very promising with the inverse bullish H&S in mind!
Keep watching 680 :)

Good luck trading guys!
Maddie
M4B0X.
7 months ago
Ichi master says no trade inside the cloud.
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Maddie M4B0X.
7 months ago
Thanks for giving your opinion! Would you next time not post your own chart here, but send me a DM? :)
Thanks so much !

Good luck trading,
Maddie
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M4B0X. Maddie
7 months ago
np, won't happen again :)
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Maddie M4B0X.
7 months ago
Thanks, really appreciate that!
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DyslexicStoner240 M4B0X.
7 months ago
Yeah. How dare you share ideas on a social platform designed to share ideas!
+2 Reply
nahidik PRO
7 months ago
Maddie great work. I have a bit of a different thought but there is so much going on right now it is hard to get a good read. I had a structure just finish its "Z" wave and this is the start of an A-B-C correction. Just thought I would put that out there.
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Maddie nahidik
7 months ago
Dear Nahdik,
Thanks for giving your opinion, but I don't really understand it, so your chart has 2 possible options, to go? Up, or down haha ;p
BTW I don't use EW so I can't give my opinion about that.

Would you next time not post your own chart here, but send me a DM? :)
Thank you very much !

Have a good day
Maddie
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nahidik PRO Maddie
7 months ago
It could go sideways lol, Just to be clear break the little flag down to support where it may bounce or break for more down. Trading is dynamic so I react as things change. Sorry won't post again Cheers
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Maddie nahidik
7 months ago
Agree on the flag thing!
So much is possible at the moment just keep watching the target and you'll be fine :)

Good luck trading,
Maddie
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nahidik PRO Maddie
7 months ago
So price has come down to my bounce or break line. It appears you shorted at $642, (I think that is what you said below) So are you long or short right now? I think you know these cryptos better than most so your thoughts are important to me. Thanks
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Maddie nahidik
7 months ago
Hi there,

I'm still long from 616 on average. Started buying back on 612 yesterday!
Keep in mind that 645/650 is a strong resistance for now.

Good luck trading!
Maddie
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DyslexicStoner240 Maddie
7 months ago
It's a platform designed to share charts. People are going to share their charts.
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Maddie DyslexicStoner240
7 months ago
I'd prefer to share them on DM so I can give my opinion about it! To keep my charts clear I prefer not to putt them here therefore nobody should get confused :)
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DyslexicStoner240 Maddie
6 months ago
No one with an iota of sense would get confused. Direct message or not, you can and do give your opinion on the charts posted in here. It would seem to me that you only prefer DM so that it doesn't take the focus off you and your idea. However, it's a social platform designed around the idea of creating and sharing charts; people are going to post their charts/ideas and you should be encouraging it. There is no non-selfish reason to not want the charts posted here. :)
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thejohn74 PRO
7 months ago
I think its a stretch to call it a head and shoulders. Your 'left shoulder' is just part of the big leg down, to me. You're seeing bearish divergence as momentum slows and price settles in on the 50% pullback level of the bear swing. Whether that bear swing gets another leg down or whether it becomes just a pullback in the larger bull trend is of course the million dollar question! :) Cheers.
+1 Reply
Maddie thejohn74
7 months ago
Dear John,

A H&S can be a part of a leg down, or up. (it mostly even is)
The bearish divergence seems not strong enough to me, but we have to wait and see, and still keep watching 684 !
Sure this is just a pauze to build more momentum before we go up again, what goes up fast comes down even faster :)


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Sakakikunmakio
7 months ago
Lol
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Maddie Sakakikunmakio
7 months ago
The bear div turend out to be real ;p So we went down a bit, like expected. To me this looks like second right shoulder probably in the making. I also see some bull dive now! So I'm still watching that 684 target.
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Good luck trading,
Maddie
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Maddie
7 months ago
We just broke below the lower support of the flag pattern, lots of FOMO on the markets, sold @ 642, and just bought back a bit!
Now the 642 is a resistance instead of a support. This decline is good news btw, we can build more momentum to move up again :)

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Keep in mind that BTC is still very unappreciable and you have to keep your focus at all time!
I'm curious about the marketing psychology, shortly before the halving.

Good luck trading guys!
Maddie
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Maddie Maddie
7 months ago
UPDATE: 449 is out resistance for now!
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fineregex Maddie
6 months ago
To stay with your head and shoulders - why assume the arm looks just like a trend channel and has no elbow? That may be true but just in the people's heads, while her elbow may just be a little bend to push the forearm stronger, steeper, faster to 700
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