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karamazov06
Aug 5, 2018 9:04 AM

BTC USD daily H&S in formation Short

BITSTAMP:BTCUSD1D
Bitcoin / U.S. dollarBitstamp

Description

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It seems that BTC is forming a H&S on the daily time frame; it'll be confirmed if it continues to go down and bounces around 6370.
Wait and see...

Trade active

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This is only the beginning...

Comment

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Ultimate target @ 5870

Comment

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Now it should bounce to form the shoulder's shape

If not, it'll continue to go higher to break the pattern

ETH did hit its historical support :-D

Comment

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Neckline support reached

Trade active

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Next stop around 6800

Comment

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It didn't exceed 6600, and the shoulder won't be so large; it lack of momentum and the exhaustion should bring the dump sooner

Trade closed manually

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H&S not valid but incoming events (Mt Gox, Petro....) has still potential to trap bulls very soon, be careful!
Trend AnalysisHead and ShouldersBTCUSDBTCUSDTBitcoin (Cryptocurrency)btcshortbtcusdshort
Comments
wargolynch
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You can't know at this point
karamazov06
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@Sessay, I agree and I'm 100% sure that nobody knows, like in 100% of analysis :-) It's a idea of scenario that needs a bounce to becomes more probable and then a dump to be 100% accurate; while waiting, we can share our indicators analysis to see how the trend is going... wait and see ;-)
karamazov06
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@Sessay, the odds are more in favor now
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