Most of the info is on the chart. We don't need a bear fake-out to fulfill this pattern, but as we've all noticed BTC likes to start with the opposite thing it's actually planning to do. With that in mind I think this analysis fits the picture we're looking at. I personally won't be trying to time the bottom of the right shoulder since we could just keep going down. I'd rather see it turn back around and start breaking some major short-term resistances first. The neckline of this chart also isn't perfect, but you don't need a perfect neckline. It should at least be recognized.
Remember take this idea with a grain of salt! Make your own judgements and keep your money safe.
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I wonder if these Inverse H&S's will lag behind BTC's breakout?
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Click the chart for the full analysis with comparisons of multiple alt coins all within similar long-term patterns.
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lmao the profit target should be $9200 + 2600 = $11800. Oops.
Your right on target Buddy! Wake the People UP!!!!!!!!! Thanks for the same view.....
Dtradess
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@cryptolightfuture, Lol thanks for the comment! I feel like it's pretty likely, but maybe I'm wrong. Time will tell!
PurpleCrypto
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It's not so much a "fake-out" as it is a normal corrective pattern wave formation.
Dtradess
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@PurpleCrypto, Not sure if we're talking about the same thing, but the 'fake-out' I'm implying would be the break of the bottom trend-line of the falling wedge. Your wedge is more forgiving than mine but similar(I'll link mine). So breaking the wedge, potentially coming all the way down to $7900-8000, but faking out the bears because every time we've done a quick dump it turns right back around(as marked by the yellow circles/ovals). Instead of doing what most bears think which is coming close to or below $7,000 again.
Sorry if I've confused anything, and we seem to be similarly aligned with the overall direction we're going so cheers to that<3
PurpleCrypto
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@Dtradess, Gotcha! A "fake-out" could also be the break down of the falling wedge instead of a break up which occurs when people are counting waves the wrong way up.
In the corrective phase, we have to look at things upside down sometimes. For example, if it ends up being a break down instead of up as most are expecting, what has occurred is an "upside down wave 3" (or wave 5 depending on where we are in the cycle) of this corrective sequence.