Litoidean

BTC - I see a very well formed Descending Triangle & H&S !!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I'm not a pro trader yet, but I'm studying BTC             behavior for months and officially studying as a Trader wave analysis and much more stuff.

I've been following multiple TA in TradingView and thought i should share my visions too, since everyone has the right to get it wrong :D

So what do i see? There was a bull movement a while ago, where an ascending flag failed into a bull trap and it fell.




Then it started forming something i thought it was a flag, until it didn't go as high as it should (the RED X) and i thought... what happened??

This is when i saw the triangle. And this is almost always confirming a drop, if it does break the resistance... it may go as low as the last pole (This is what my Wave Analysis Academy is teaching)


This is not a financial advice, it's my own risk.

let's see.
Comment: NOT a head and shoulders, my mistake. It's not valid. It didn't form from an uptrend.

Head and Shoulds is a reversal pattern, thanks for the comment to enlighten my education
As far as I know H&S are trend reversal patterns. We were in a downtrend already before the formation of your pattern which would mean that this is not a H&S.

However we could still go lower from here just as you point out. It´s just not a valid head and shoulders.
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@p3t3r, Oh my, thanks for the correction. It's true! if it was coming from below, then it would be a H&S.

Your reply is really great! thanks :)
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