Heading towards the precipice

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Accidentally posted as private idea... Current chart is with updated shoulder.


Another look at BTC .

I initially expected the dip from recent high at 11680 and held my hands open at the 8250 mark. Unfortunately for me the drop stopped just above 8350 before bouncing back. Can't win em all!

Let's take a closer look using the 5min candles as I am analyzing for a short term movement at the moment.
We got down here from the recent high, creating a series of bearish flags that further resulted in more bearish flags.
Inside the current purple flag that BTC is riding, we see a bearish butterfly pattern emerge reaching its climax point right at 9500, followed by a small head and shoulder.

I expect within the H&S will materialize in the next hour or two and anticipate the target at ~9000 after which a pull back may occur above the neckline. Don't be fooled however. This is still in bearish momentum and I anticipate the all of these small bearish patterns to materialize in sequence one by one, and letting the long bearish flag complete.

For now I'm watching next target 9000 but I won't be trying to catch that one for a bounce as it will be small (if you are leverage trading you better be quick and set your stop loss tight).

Comment: occaisionally there are retracements back up towards the neck line after the first resistance. Could watch for that for a mini profit on the bounce at your own risk.
Comment: next potential target
Superb analysis! This is really good. You have the Gartley in here that is often over looked, the HS looks nice and a nice large bear flag for the actual dip that could be on the Horizon. Fantastic!
showmethat CryptoFortune
@CryptoFortune, pays for itself since the analysis helps me too, but it's always nice to hear compliments. thank you :)
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