The Daily Chart shows a pretty obvious Head and Shoulders pattern. I will play this long from here on out until we form the right shoulder. Once it hits its previous high I will sit out and wait for the bearish reversal and play it short on the way down. I will announce my trades --- I will use longer term swap contracts with small leverage for the way up and big leverage on the way down. I placed a Fibonacci box on top of it to show the key retracement levels as this plays out I will zoom in and update with 30min or 1 hour charts.
P.S. I am also going to check this out in the Yuan and the Yen and see if one of them looks more attractive for the upside or downside relatively speaking.
Happy Trading
-The Wolf
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zoomed in for todays trading
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a little bit cleaner of a view of the key levels. I know the head is slighly under the shoulders but this is going to trade in another triangle like the last.
FOMO buys coming now and then will be another bubble pop. Going long for now buying 50,000 contracts of xbtm17 on 10x leverage. These are trading at a discoutn to perpetual. I will liquidate them as 30th approaches
Trade active
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Yes i know its not traditional head and shoulders --- lets call it triple triangle... i believe we fill that triangle from top to bottom--- its moving that direction still with RSI building as I had predicted. Hate all you would like the trade is correct.
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its holding that support at the 2250 area and right now trying to break out of this 25% fib zone --- should pop here
I haven't met many people with their shoulders higher then their head but who knows maybe where your from thats a normal thing
shayk47
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@Ali7861, great contribution to this site. You have really provided some thoguhtful insight and have added to the community. Than you!
Rosenthal
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Shoulders must be smaller than the head, but you are quite correct about the pattern.
Please see here:
BotTrigger
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BTW, you're actually already on the right shoulder. As the head already formed from June 6-June 12. Just a note
BenHoward
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Don't you think the first pump to $2750 was the first shoulder and the head was 3k and now we are heading down from the right shoulder?
shayk47
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@BenHoward, Based on price action and it continously bouncing off that 2250 number today I really think we are going to see another pump and more HYPE then a massive correction