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pumped_bull_rtrabski
Jul 23, 2014 9:40 AM

Possible H&S and reverse of ultra-short downtrend 

Bitcoin / DollarBitfinex

Description

Unfortunatelly 625 level didn't hold. So last chart (tradingview.com/v/VvmsQMrj/) is a filure. My second possoble-shortterm trendline (purple-blue) fallen as well.

Today I finally recognized 4h H&S pattern which - if we dived deep, below a neckline on 616$ - would mean next, agressive move down, to 590 level even.

For now neckline is fine, not broken, so we can theoretically turn upward here.

Resistance expected on 636, 658-660 levels. After that, we can jump in to 700 level even.
Comments
ChartArt
That's why I never draw these patterns so far.

Never assume. Assumptions lead to expectations and expectations lead to disappointments :)
bwy
Yeah but the breach of the neckline and the bounce off it again should have been a clear signal it was heading down :)
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