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Headnandshoulders

An idea on BTCUSDHi! Today i would like to share my idea on BTCUSD. From the 1 hour chart, we see that a bear pennant is formed. On top of that, if you look at the bigger picture, a head and shoulders pattern is there. I have 2 conclusions for this; 1. First is that after reaching the resistance it would test the 0.236 fib level and break the resistance to get to the 0.382 fib level and test the 0.382 fib level again. This argument is supported by the fact that the RSI level is still at the lower 40s, which is quite hard for it to go down to the 6700 USD price level. 2. Again, after reaching the resistance, it would break the 0.236 fib level and test the support levels of the bear pennant, then it would test again the 0.236 fib level before going back down to the 6700 USD price level to complete the head and shoulders pattern. Disclaimer: This is not a financial advice! Thats all from me! Any feedback or comments are welcomed!
BITFINEX:BTCUSD
by evntdra
4
OMNIBTC chart packed with all sorts of patterns and formations There are many interesting formations on this chart. First of all is double bottom where pair reached 0.00100000 in March this year and October 2015. It is clearly visible on weekly chart. We have upside down head and shoulders formation created from doji candles (it’s look better on hourly chart) . Rounded bottom (marked with blue curved line) . Pair is trading above 200 Ema which is bullish sign. This pair also established support level around 0.0020000 which is marked with bold black line. I marked with black parallel lines most of the GAP above the 0.0020000 area so you can see how market is reacting to them (GAP’s are treated as the solid support to push higher which is suggesting strong bullish potential) . This pair with all the mentioned formation looks very bullish to me and I’m pretty sure that this pair will reach 0.0150000 or maybe 0.020000 in future.
OLong
by Krystiannwk
2