I have been watching this inverse head and shoulders pattern form on BTCUSD since the bounce from the 3.1k area and it looks like we may soon be breaking out allowing for a good trade opportunity. A few things that I am looking at:
1. We have a downward sloping neckline which is a bullish sign on an inverse H&S.
2. We are seeing bullish divergence...
Hey everyone, in my last post I called a H&S pattern near the top of the head (where I closed my position at $183) after seeing the right shoulder confirmation I measured the distance from the peak of the head to the neckline and used that measurement at the break of the neckline to find a position to buy ($140) I ended up buying at $140.75.
On a longer-term...
It looks like there could be a possible H&S forming on the 15 minute chart for BCHUSD. Also I believe that this may play in the rules of Bulkowski's Big W where sell position as initial drop point of the "W" formation. Any input would be awesome as I am still learning this trading tactic. I hope everyone had a great Christmas. Happy holidays to all!
This is not intended to be trading advice, but I thought that I would publish my personal thoughts and current charting. Trading this upward channel on LTC (15 min TF) using regression line with +/- 2 std. dev.. If you have any thoughts I'd love to hear them, please leave negativity out. Good luck and happy trading everyone!
Based on the fib retracement, and current steep down trend, I can see BTC dropping to the 0.382 or even the 0.5 percent level. Please keep in mind that I'm new to TA, if you have any suggestions/tips for me I would love to hear them! Good luck everyone.