aamonkey
Short

DON'T BUY BTC right now! Even though everybody tells you to!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
If you want to trade with the percentages on your side then you should not buy right now!

Why?

Because I see a big head and shoulders formation forming.

And if this pattern plays out we will fall for a while and you will be able to get your BTC much cheaper.

But even if the pattern doesn't play out it would not be a good idea to buy right now (at least if you want the percentages to be on your side), because we are about to hit a major resistance (with a high percentage that we will get rejected).

But what if the pattern doesn't play out and BTC goes to the moon?

Let me introduce to the feeling of FOMO.

I know it hurts.

Ok in all seriousness if the pattern doesn't play out I will wait for conformation and a retracement in order to get some more BTC .
Comment: Here is my in depth analysis of BTC and how I would trade it:
Comment: If the pattern doesn't play out, I will wait for a retracement of the first impulsive move before I grab some more BTC.
Comment:
Comment: H&S still very possible with EW count which supports it:
Comment: Small Update:
The H&S pattern worked out as expected, we bounced of the cloud. Everything I stated in this post still holds true. Therefore I expect the price to fall even further.
Wronggg head and shoulder didnt work out..so you got rekt...
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aamonkey wildbeast
@wildbeast, Well I don't know about that one:
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aamonkey wildbeast
@wildbeast, I know it isn't perfect but hey
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aamonkey wildbeast
@wildbeast, The overall direction is the same
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Why do you think above 6600 is the no buy zone? And for which timeframe, important to say? For long-term, like weeks/months? My opinion is that 6600 is a strong and recognized resistance, and if it breaks, we will see some followthrough - to at least 6800-7000, because shorts will start to cover. From there it will probably fall back to 6000, but there will be a chance for small trade in a short term - severeal days max.
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your neckline is off on the left side but I agree with the overall sentiment.
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aamonkey peaceloveanarchy
@peaceloveanarchy, It's the pattern from the daily chart:
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It’s not valid head and shoulder
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BTC seems to bounce as largely expected of people that 58XX zone will do the magic. I saw a great analysis on the log scale showing exact price action on a re-test of major level. It worth looking at. If this is correct then BTC will be on with a great moves.


Potential wave pattern can be follow from this chart



BTC in recovery mode, let see how far this will last. It has some nice pattern.



The long time idea of BTC

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who has fomo anymore? every position is on a stop or in cold storage. lack of fiat flow into the market is bearish. on the flip side everyone and their dead dog expect 3-4k which also makes that very unlikely. people are dumping alts back into btc giving it a floor. at this rate eth could drop in half cycling and btc would still be at 6k
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