As much as I'd like to see one more lower low, the fractals of the inverse head and shoulders are hard to ignore. The small head and shoulder broke out to the precise distance of a measured move to form our 1 wave in white. Once resistance of the downtrend, shown by the purple line, is broken we should see a move to the $17,500 level, which also coincides with...
The initial catch of eye was the head and shoulders pattern on the weekly chart. After looking at the daily we see a similar patter to a double bottom ( not a proper double bottom given position of trend, but can also be perceived as a cup and handle. Moving averages and momentum produce a buy signal and so do the candle sticks in relation to volume. The...
Just while everyone's screaming we broke out... while we haven't really confirmed it here is an alternate scenario. What do you think?
Thanks to the sudden burst from the bulls a cup and handle pattern is currently in play...which is just the type of thing we would need to be able to break above the descending grend channel top trendline which is necessary to break the neckline of the inverted head and shoulder pattern....We shall know if we have a cup and handle pattern on our hands within the...
As I had said a couple days ago in a previous idea the death cross of the purple and blue moving average lines was dangerously close to occuring and would either cause a plummet in price or could potentially bounce off as well. The probability was much more highly in favor of the cross happening and at the beginning of the current days candle the 4hr chart 50EMA...
Shown here on the 4 hour chart I have a dotted horizontal white line representing the neckline of the head and shoulders pattern. below that I have connected a yellow dotted trendline from the low of the first shoulder to the candles we currently have now on the 2nd shoulder. I also took a dotted white line and made it run parallel with the necklines slope...one I...
We bounced off the long term down trend line at 12k (the head) showing that the bulls weren't quite ready yet Copleting the head and shoulders by EOD Saturday could mean we continue the elliot wave down to 8k support If we bounce there and then reach resistance at the shorter term trend line top (pink), we could re-test support as low as 6-6.5k again
Hey all just an update...I've pulled my btc position via stop loss last night at around 10490 but have decided to leave ethereum in for now as its doing well with robinhood...As the price continues to pullback the good news is an inverted head and shoulder pattern is still very much in play....however as you can see with the small yellow dotted lines that show the...
Here i see an inverted H&S pattern with a impulsive 5 wave Elliott wave completing the head, and an ABC correction starting the right shoulder. I Believe this ABC will once completed, cause a wave 1 completing the right shoulder, wave 2 will be short lived with completion of the H&S pattern which will then be the wave 3 of the next 5 wave impulsive Elliott Pattern.
If the pattern confirms to be a H&S pattern, the right shoulder will be followed by Elliot Impulse waves. If the right shoulder is completed, I expect 17k$ to be the next target for bitcoin. If the pattern doesn't turn out to be a H&S pattern, it's likely a lower low will occur (~3k$). I will make a new TA if it turns out to generate a new low.
We got a welcome and relieving sign after all the carnage of the previous day a few hours ago at the end of yesterday's 1day candle...the downtrend on the 4 hour chart ended the day with a bullish green reversal doji, and we are now seeing what is so far a reasonable bounce up off of the multi support convergence of the 4 hour chart's 200EMA(in grape), 50EMA(in...
Potential BTC Head and Shoulders setting up on the 4 hour chart that is worth watching. Increased Bear Volume and a potential Rising wedge support around 9500 and 7800 respectively if we see a pull back Also 4 hour MACD bear cross. Short time consolidation on the 4 hour chart.. If we get a pull back to previous support mentioned above it would be a gift as i...
The Bull run continues. was happy to see the momentum happening today. I added to my position at the near-bottom of today's candle's dip (10300). It surpassed the red fibline and may be keeping it as a line of support depending on how today closes out. Today's best trading probability opportunities would be small laddering in at 10300 and profit taking just below...
On the hourly chart we can see a classic head and shoulder pattern playing out on ETH. At this time, we are completing the formation of the right shoulder. The neckline is noted with the red horizontal line, and the green horizontal line represents our target for the completion of this head and shoulders pattern. We got this target by measuring the distance...
The neckline has been breached in big fashion! However not as much volume as you would anticipate to go with it....that may very well come today. it has blasted past all recent lines of resistance and now seems to be forming it's new resistance line with the green fibonacci retracement line. We may most likely see it bounce back down and see the inverted head and...
On the 4 hour chart we can see a clear inverted head and shoulders pattern has formed...it needs to go above the thinner grey line to break the neck line in order to be valid, but even then, we need bullish confluence in every key indicator (rsi, stoch, mac d and especially Volume) to validate the pattern. To break the grey neckline we will need to get above...
Hi! Today we see the end of the formation, a head and shoulder, i expect that the price will stop at 8300-8500 (8300, on the trendline), to come back 6500. And after, you know the story