Bitcoin - Update to Inverse H&S Idea (formerly biggullycoin)
Updated
I've switched to this username from biggullycoin, this will be my permanent account from now on.
This is a continuation of my Inverse Head & Shoulders idea. I've revised the targets a bit and reduced clutter on the chart.
I actually posted this right when it broke the yellow neckline but published it as a private idea by mistake (which I know sounds convenient considering it's since started following that purple line pretty closely haha).
In any case it seems to be following the larger purple Inverse H&S at the moment, so we should be looking for some more downside coming up if it stays below the yellow neckline. I wouldn't say this leg down is confirmed just yet, but my sense is that there's still too much uncertainty and not enough positive sentiment to get up to the yellow targets at the moment. Forming a right shoulder on the purple Inverse H&S, or potentially going lower and testing the previous low/forming a double bottom feels a little more logical right now. It would also start to look like a rounding bottom, which I think we need if we're going to continue the uptrend with confidence.
That's the way it feels to me right now anyway, but as always, it's bitcoin! I'm not going to make any big moves yet unless it breaks the purple neckline with confidence. Will be watching closely.
This is a continuation of my Inverse Head & Shoulders idea. I've revised the targets a bit and reduced clutter on the chart.
I actually posted this right when it broke the yellow neckline but published it as a private idea by mistake (which I know sounds convenient considering it's since started following that purple line pretty closely haha).
In any case it seems to be following the larger purple Inverse H&S at the moment, so we should be looking for some more downside coming up if it stays below the yellow neckline. I wouldn't say this leg down is confirmed just yet, but my sense is that there's still too much uncertainty and not enough positive sentiment to get up to the yellow targets at the moment. Forming a right shoulder on the purple Inverse H&S, or potentially going lower and testing the previous low/forming a double bottom feels a little more logical right now. It would also start to look like a rounding bottom, which I think we need if we're going to continue the uptrend with confidence.
That's the way it feels to me right now anyway, but as always, it's bitcoin! I'm not going to make any big moves yet unless it breaks the purple neckline with confidence. Will be watching closely.
Note
It broke above the neckline as drawn, but it's not quite confirmed yet as necklines can be on an angle. There's still a possibility it'll reverse and start forming a right shoulder.However if it continues upwards, I'll be following my Bullish Wolfe Wave idea more closely:
Trade closed: target reached
Looks like it panned out closer the the Wolfe Wave idea. I'm a little late to update but...all targets reached!
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