from my side (cause I do see it happening again and again), a little reminder of how Head & Shoulders is looking like and how you should draw it. Too often misused and misunderstood, I don´t wonder why most of the trader´s or technical analyst youngsters are not successfull trying to trade this. The same rules apply to an inverted Head & Shoulders....
We have passend and will hopefully confirm this breakout above the Monthly Pivot level, by retesting it properly to gain momentum and volume for the Weekly Pivot breakup.
Target Zone is marked, this looks more bullish now than it did earlier. We need a higher high now.
This inverted Head and Shoulder looks weak, even though we got a right shoulder, the volume doesn't look perfect. I am keeping my hands still right now, the Monthly Pivot needs to be broken first until this pattern can play out nicely. I am not sure this will happen. With this probably being declined, the 8k Yearly Pivot comes back into my game.
I am going to watch this until the price tells me something different. Totally undecided right now. Keep focus guys and don´t force yourself into trades based on assumptions and gut-feelings.
H4 did a very good job recently, also H1, so I prefer staying here right now. Keep an eye on the monthly Pivot.
This pattern is still in the make and the volume profile is...
We are certainly in a critical area, where we could see another turn down and then hoping for an inverted H&S building out as reversal pattern. We are just approaching the potential neckline(s), starting from different previous prices. So far Bitcoin does not look as if it wants to build out an iHS. Let´s see what the next hours bring and then make a couple of...
This jumped out at me when viewing the weekly chart : The formation is similar to some variant of a complex IH&S. The head would be the floor at $13.73 and the neckline is the top blue line, downward sloping from $54 to its current price at about $45. If the pattern is legitimate and Twitter broke above it, the measured move would be toward the $80 region....
Sellers are looking exhausted here. Buyers should pick up soon but BTC is moving so be cautious. A drop below 24 sats would likely invalidate this. A break above the line could see a huge movement if this breaks through and causing the start of a new uptrend. We have seen big moves on other coins with the same patterns. Volume is key.
BUY 25-30 Sats
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This is a short-term action plan with finally some good action in the past few hours on Bitcoin. We are heading towards the Monthly and Weekly close this Sunday on Bitcoin and we should always be prepared for both eventualities.
Keeping my eyes peeled on this potential I-H&S pattern forming on Bitcoin .
Validation will be clear breakout and close above "yellow" neck-line. Pattern will indicate a continuation in trend... Bull Trend Upwards :)
Pattern Target would be set around 9375
Inverse Head and Shoulder is completed now. So I'm waiting for conformation --> cutting the neck line with high volume.
Stop loss is debatable. I prefer tighter than this. Nothing wrong with looser as well.
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I see a Possible Bullish Scenario forming:
Daily close above 4140 with successful retest will maintain the neckline of POSSIBLE iH&S Scenario
if iH&S scenario got valid, Targets would be(based on Fib extension&MAs)
Here is the grit:
Inverted head and shoulders pattern on 4hr time frame.
Bullish divergence on RSI.
MACD just crossed into bullish territory.
DMI is long along with ADX gaining momentum.
Suspect some resistance at 610. Selling half of position and setting a 2% trailing stop to sell the rest of the boat.
Not investment advice
got a symmetrical triangle, inside a larger symmetrical triangle on the bearish side of things...on the bullish possibilities we have a inverted head and shoulder setup and the larger falling wedge pattern....probability in the immediate term suggest a breakdown as we are currently below the inside symmetrical triangle...however there i still time left for a...
Longest inverse head&shoulders pattern in BTC/USD history. Well, let's play this scenario, pray for 13th May 2019...
And yeah, if this case will realised, the ultimate bottom will be at 2500$ on Bitfinex and around ~2440$ on other exchanges like Stamp, Coinbase, Mex...