Guapeva
Long

BTCUSD -> Inverse Head and shoulders + falling wedge

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Bitcoin chart is trading on a falling wedge and now is showing an inverse head and shoulders pattern. The projection of the head and shoulders go to the resistance around 9450 USD. We can open long to that point.
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Comments

great chart buddy, well done.
+1 Reply
Guapeva ProjectSyndicate
@ProjectSyndicate, thank pal
Reply
On a hourly chart I see h&s but not inverse :)
Reply
Guapeva vapecaster
@vapecaster, I saw this as well, but may be an ascending triangle. My target is only to 9450 USD.
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vapecaster Guapeva
@Guapeva, yes, indeed it is a ascending triangle of which we are breaking down i think. The very end of the ascending triangle is the right shoulder (left shoulder was on the 28th 17:00hrs) on the hourly chart, so it makes sense that we are going down especially when the price was rejected 3 times at 9200 level
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Guapeva vapecaster
@vapecaster, I understand your analysis, but for me it is an ascending triangle with bull trap
Reply
vapecaster Guapeva
@Guapeva, yep, with triangles you never know they can pop to any direction :) best of luck!
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