BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
next btc resistance here, will test neckline and either:

1. break into ichimoku cloud and try to find new support
2. get denied and continue its bear trend to find support somewhere lower

Good place to watch although i do not recommend opening any positions based on this idea since there is a high possibility of a fakeout.
Jan 21
Comment: got denied at neckline, now there is a larger inv h&s whose neckline is now being retested after the breakout
Jan 22
Comment: as you can see btc tried to retest and travel along the neckline but had a very clear denial and broke down towards $10k levels.

Comments

sorry for the question i dont know much abou TA ,but what does the neckline denial mean exactly? bearish?
+1 Reply
deniskov piposkikos123
@piposkikos123, usually if the neckline of an inv h&s is denied it comes back to retest it and if it is denied or doesn't even retest then yes, it becomes bearish.
however there is also a larger H&S formed on the same graph with the left shoulder being at the peak pf $13000 and everything else the same as the one i drew.
we broke the neckline on that one (bullish), but now are retesting it to see if it can hold. If this breaks, i would start to look for short opportunities.
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