RoyVan Der Reijnst
Long

Possible Inverted H&S on BTCUSD

BITSTAMP:BTCUSD   Bitcoin / Dollar
196 15 3
In the case that this pattern completes, we should see a solid ~12-13% rally in the coming days.
johnrfraser
2 years ago
Hi there, is the end of the green line a projected high at 432 or is your high target 415 as per the P&L? Thanks a lot
+1 Reply
RoyVan Der Reijnst johnrfraser
2 years ago
I have set my initial target @ 415 as shown by the P&L. If it hits this point, we should reassess the situation and we could hold for 432 or even 450.
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johnrfraser
2 years ago
Nice, thanks a lot
My own TA shows 415 as a significant level so encouraging to see you concur :-)
+1 Reply
wonky_tonky
2 years ago
isnt a h&s suppose to be a reversal pattern.. in this case it would be a continuing pattern?
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MoonTrader wonky_tonky
2 years ago
Yes, that's correct. This H&S is not valid.
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Maddie
2 years ago
This one can't be confirmed it's drawn wrong, sorry to tell you...
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RoyVan Der Reijnst Maddie
2 years ago
And what if we interpret the head and right shoulders as a possible C&H? That one actually is a continuation pattern.
Especially taking note of the rising volume in the runup to 395.
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Maddie RoyVan Der Reijnst
2 years ago
An cup and handle takes more than 3 months to form .... So that couldn't be possible hehe
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RoyVan Der Reijnst Maddie
2 years ago
Hows that so, with markets being fractal on all scales and stuff?

Also, do you have a specific view on the situation as it is now?

I see consolidation at the moment with a tightening range. A decent sized move is coming closer, you got to agree on that one at least :p
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johnrfraser RoyVan Der Reijnst
2 years ago
I'm apparently pessimistic but whenever I say optimistic things it generally comes back to bite me, but I'm going to give it a try anyway...I see the indicators (I use MFI) going through whole cycles and price not dropping too far when they bottom out...what's more I see 4hr and 1day cycles coming to a bottom at the same time, which very shortly will mean confluence of 1hr, 4hr and 1D, all bottoming out at the same time...which should = a very big buy move.
Would you agree?
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johnrfraser RoyVan Der Reijnst
2 years ago
Is this not a very bullish signature?
MFI travels the same distance top to bottom on two occasions.
The first time it travels from 440 to 340, -$100
This time MFI has dumped the same distance but price moved 394 to 364, only $30
So 3 times less price movement for the same drop in MFI.
snapshot
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johnrfraser johnrfraser
2 years ago
Sorry like this...
snapshot
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johnrfraser johnrfraser
2 years ago
Sorry!! That was totally wrong. It's more like Half, not a third...
snapshot
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Maddie RoyVan Der Reijnst
2 years ago
I'm very disappointed of your -1....
I'm only trying to help you further. If you don't want to be informed thank don't ask me...

Maybe you should take a look @ the charts i've made I now it from experience... You could also google it to found out how long it takes for H&S 's to form.

And yes I have, sideways, bit down in the couple of days. longterm up.
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RoyVan Der Reijnst Maddie
2 years ago
Don't know who -1'ed you there. Let me say that I would never -1 a constructive opinion, whether I agree or not.

As a sidenote, I don't agree that some patterns are only valid on the large timescales. I mean we just saw a H&S with the shoulders being 8 hours apart (6.00 and 14.00 GMT).

What do you think of my other idea I published a few days earlier, that seems to agree more with your outlook I guess?

Bitcoin bubble cycle complete?
Reply
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