bilo2000
Long

BTC inverse H&S targets 1 and 2 leading to $7,200

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi guys,

Take a look at the 2 possible inverse H&S . a smaller one targeting $6,900 approximately which is the neck line of a larger inverse H&S targeting $7,200

As usual, these are possibilities and not certainties. We have to see if the patterns play out. The actual location of the right shoulders will play out. I only show them for illustrative purposes.

Good luck. Likes and comments appreciated.
Comment: Its taking time. In theory, the longer it takes for the inverse right shoulder to form the stronger the move up since we are in an ascending pattern. (assuming the shoulder does form....) I recommend you dont take a position before confirmation is there.
Comment:
Comment: This idea gets invalidated completely if we go below $6,657.2

Keep your eye on the chart for an actual H&S that may form now driving this down. Neck line was already identified on the chart at $6,880 or so.
Comment: Here is what the H&S would look like (in red)

Comment: Right shoulder on H&S pointing down is invalidated (2 red triangles with 3rd as potential right shoulder) since we went higher than supposed head. This means that Inverse H&S original idea is still in play.

Comment: Just so you are aware, here is another potential H&S. TA is all about defining possibilities and reacting at the right time. Keep your eyes on this.

Comment: Scary picture below. We are just not getting lots of bullish volume :(

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