J.Livermore

Inverted Head and Shoulders target about to be completed.

BITSTAMP:BTCUSD   Bitcoin / Dollar
Price is eyeing these targets and I think it's very probable that we will have a correction at these targets.

Question is: Which one will be hit first, and lead a first correction?


This is pure speculation, H&S patterns are quite subjectives.
Update1: Target hit

snapshot


As you can see a second H&S appears. This idea is described here:
2 Inverted Head and shoulders in 1, food for bulls.
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Lol. That's not how that pattern works man. You're trading resistance levels, which is quite effective--agreed.
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Hi man.. bat.

Check this if you're unsure about H&S pattern: http://thepatternsite.com/hsb.html
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the_batman J.Livermore
Lol. I'm quite clear on the H&S pattern- in all its varieties- thanks. I suggest you check this out if you're unsure about support and resistance levels: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:support_and_resistance
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H&S neckline is by definition a support/resistance indeed.
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the_batman J.Livermore
H&S virtually can't - by definition - happen on a 60-minute chart. You're not trading or finding H&S patterns. Check the actual encyclopedia of chart patterns (not just the web preview) or perhaps either of these two essentials: John J. Murphy - Technical Analysis Of The Financial Markets, Technical Analysis of Stock Trends, 9th Edition. All patterns have a "story" underneath them. The H&S story precludes a simple 60-minute H&S of these sizes.

Sorry to rain on the parade :X
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On the 4H chart, the H&S is well defined too.

Market is all about fractals, you just have to weight the pattern by the timeframe you use. But it tends to weight by itself as targets are also smaller on smaller timeframes.

Thanks for the head's up, you're absolutely welcome to criticize ideas. It also serves this purpose of sharing ideas.
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the_batman J.Livermore
Hahaha, yes the market is entirely about fractals. Fractals are composed of elliot waves. And for some reason, the left part of your H&S pattern is an elliot wave... and the right part of your pattern is an elliot wave. HMMM.

You're missing my point on the timeframe thing. The H&S pattern represents a behavioral pattern that takes a lot longer than a day or two. (Do you know what that behavioral is? I do. It's a mutual fund buying in very, very slowly because they have an enormous amount of money, or the opposite with selling. Hence why H&S are noted for being extremely slow and long.)

This isn't a friendly warning or sharing ideas. You're spreading misinformation wanton. It's irresponsible.
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the_batman J.Livermore
Oh hey look, a few of the chart examples on that page (http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:support_and_resistance) have H&S patterns!
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