cantestogo
Short

BFX - LOOKING FOR A POSSIBLE H&S PATTERN

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
510 7 4
Looking at 4h chart we can observe how the trend is taking the shape of a rising head and shoulders pattern. The right sholder is not very clear, but you can observe a similiar shape also on MACD signal line. The oversold crossover on MACD shows the bottom, the second crossover the right shoulder and in the same way the head and the right shoulder. In this uptrend the signal line reached a peak and now it's losing strenght (the same on RSI ). At the moment it seems to have too little strenght to breakout the neckline, so it's possible to see some sideways. If the breakout will occur i'm looking to the 0.5 fib line as a possible target. If the bulls take the concrol of the market it's possible to break the 415 level.
Good luck for your trading
You are not alone anymore in seeing a "Head and Shoulder" pattern. It seems you were the first:








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cantestogo ChartArt
interesting collection! it seems a little weak at neckline level, but if this run up fails it's possible to go down, considering also the bid wall that was holding the market up
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ChartArt cantestogo
It seems there was also a wedge:


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ChartArt ChartArt
Another way to draw this. Bearish DMI trend soon. Chart created by CommoditiesTrader:

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cantestogo ChartArt
good view, looking if 394 area breakout fails
+1 Reply
cantestogo cantestogo
This is an update for that harmonic a couple of hours later
+1 Reply
cantestogo cantestogo
And down it was
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