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Shoulders

Was the falling wedge's bullish breakout one big long fakeout?Never have I seen a fakeout occur of this nature where so many candles(14!)close above the rising wedge as well as a surge of bull volume to go with the initial breakout and on top of the breaking above the neckline of an inverted head and shoulders pattern at the same time and closing 5 candles above it as well only to have the price somehow eventually crash back inside the rising wedge and try to threaten to break the bigger normal head and shoulders neckline again. These are instances for which TA typically doesn't help they occur an incredibly small percentage of the time but there were 2 TA indicators that were signaling a further drop and that was the cross of the 1day t line under the 1 day 50MA and also the fact that we have formed a lower high on the 4hr chart. I didn't expect 2 bullish breakouts to turnout to be duds though so it's very surprising. Now we are threatening to hit the bottom of the rising wedge and the bigger head and shoulders pattern again with the price action but there is good news. There's a chance we could trigger a standard double bottom pattern with the price we hit on the 18th and shoot right back up. The 1 day chart's RSI is showing that we have reached the oversold zone which gives the beige horizontal trendline indicating where a double bottom would be a lot of credibility as a great bounce support line around $7920. There's also a chance that the original top trendline of the wedge is much higher and we haven't actually broken out of it yet, which is possible concerning this odd fakeout but not enough touches of that higher top trendline yet to change the current wedge lines if we get one more though the top trendline will be raised...If we were to trigger the bigger normal head and shoulder pattern here then that would be quite bad news indeed for it would drop us to around a new drop target of 6300s if it were to occur...I still have faith in the upside for now but will be exiting again if I see a break of the head and shoulders pattern occur. You make your own decisions of course as this is not financial advice. Neutral for now.
BITFINEX:BTCUSD
by DrDovetail
Another Bear Pattern Cloaked Inside A Bull Pattern So far the bigger bearish head and shoulders pattern on our chart has had the price action bounce upward off of it each time it's connected with the neckline...Considering how the larger pattern the head and shoulders is inside is a falling wedge pattern which is bullish and tends to break upward, my presumption is that any time the price action reaches the neckline of the head and shoulders pattern probability favors that it will continue to bounce upward off of it, faking out bears until it eventually breaks upward out of the falling wedge....based on potential angles of the spine of the falling wedge I have 3 possible price targets listed should the wedge find a way to break upward today, I also have a price target should we break fdown from the head and shoulders in the near future....if we stay inside them those targets will change slightly with each additional day that passes. I believe we will eventually break upward but we could potentially stay inside the current falling wedge until it's apex on the 24th of May. If we continue until it's apex then the price could dip as low as the 7800 before finally breaking upward. So there's a chance we could have a slight bit more dipping to do here in the next few days but overall this idea is long so I will mark it accordingly. You choose which of the 2 patterns you think are more likely to trigger for yourself of course because this is not meant to be financial advise nor I your advisor. Thanks for reading and best of luck!
BITFINEX:BTCUSDLong
by DrDovetail
[GE] Is It Time For General Electric Bulls to Return?Noticed a Inverse Head and Shoulders pattern looking formation here. The 50 and 200 MAs also looking to converge around the neckline on 4-hr chart. The neckline at $15 seems to be important, it has held support after a sharp bounce from the lows in the '08-'09 crisis. If it can't hold above the neckline, some serious selling could occur unless fundamentals change. Don't have much fundamental basis for a bull view, though. We'll have to wait and see the next ER!
NYSE:GE
by NYFinancials
Head & Shoulders in PlayThe recent bearish breakdown has sent the stoch rsi to the bottom range but with the RSI not yet in oversold conditionas there's likely still more room to fall and the chart is forming a bit of a potential head and shoulders pattern on the 1hr chart. If the head and shoudlers is triggered it will drop us to to the 8,000s so keep an eye out for that...plenty of head and shoudlers patterns have failed to trigger so there's a chance this could be one of them but after the recent death cross on the 4hr I would not be surprised one bit if this triggers. I still feel like the lowest we would possibly dip is $7350 but think 7700-8100 is more likely...and below that thee 7500s seem liek a good rebound zone as well. The ascending grey trendline that has acted as a major support zone in the past is sitting right where the drop target of the head and shoulders pattern ends so it very well could be what finally bounces us back upward and continues the bull run. Choose wise limit buy zones and maintain enrves of steel and you will likely just accumulate more btc during this drop.
BITFINEX:BTCUSDShort
by DrDovetail
6
Head & shoulders triggered on 1hr chart pushes eve back to 5\13good time to short when we saw the priceaction break under the neckline with a noticeable surge of bearish volume. the eve trendline's trajectory has been pushed to the right significantly due to this and for now will still be able to reach the double bottom neckline by May 13th but only if we don't see further downside. If we do see further downside I anticipate the rebound support will be found at the 4hr charts 200ma line (shown here in blue). We may possibly throw a bearwick just below it at 9200 but I anticipate the candlebody's support will be found at the 200ma. If we dip further we also will most likely have to push the date of the eveline's connvergence with the double bottom neckline back further as well. I only expect to be short temporarily but I'll be prepared to ladder out more if the opposite of my expectations occur. you make your own decisions however for financial advise this isn't and your advisor I am not. Good luck and thanks for reading.
BITFINEX:BTCUSDShort
by DrDovetail
OMG - Small Dip then MoonOversold on the RSI, Stoch RSI has bearish cross. Forming an inverse head and shoulders pattern. Hold off on buying for a couple weeks and watch for the shoulder to form. I'm hoping for a dip of about 10%. Remember, with another crypto bull market beginning to form, pumps can happen very quick, so watch closely! Or, buy now and stay on the safe side, we will see some serious gains soon. :) OMG has been on a lot of peoples watch list since its release. 2018 will be a big year for OMG, with the wallet and staking going live during Q2 this year. When it first released, the hype for OMG was huge, but it slowly died down. With the live product coming closer and closer, expect that hype to build back up, as well as staking to remove portion of the token supply being traded.
Long
by green_brow
Head & Shoulder, Ascending broading wedge, and 4hr golden cross.On the 4 hour chart here you can see the head and shoulders so far has avoided being triggered after the 4hr candle price action rose back up above the head and shoulder neckline before 3 closes..However on the current 4hr candle, it is now dipping back below the neckline so odds are good it will eventually still break down from the current broadening ascending wedge wedge which when it comes to ascending broadening wedges 76% break out in the same direction as that leading to the pattern which in our case is downward...so currently probability favors more downside but as you can also see we just now on this candle have an official 4hr golden corss of the 50MA moving above the 200MA...such a cross is more effective when it happens on the 1 day chart but it also typically allows for some more bull momentum when it happen ons the 4 hr chart as well just not quite as effectively. Because of this golden cross I think it's very likely that zone could act as strong asupport when the price action breaks down to it and could provide enough of a bounce/rebound back upward that we get back above the head and shoulders neckline before having a chance to trigger it for more downside...becoming instead a bear trap. We could also still dip below that and instead find support at either the ascending grey trendline, or ultimately the pink eve curved trendline....we could dip to those and also rebound back up before triggering the head and shoulders....however if the head and shouldersdoes trigger its projected fall could easily break nudner the pink eve trendline....then again since that trendline is somewhat of a projected line it can be adjusted a bit...possibly even enough to account for the projected fall of a head and shoulder trendline...however I'm fairly confident based on all the previous candle body touches that have verified that trendline up until now that its trajectory is pretty close if not spot on. For now I am going short expecting a fall at least to the 50ma, but also being prepared to pull right back out if it goes down further to get in at the pink eve trendline. You choose your own path of course because this is not meant to be financial advise. Thanks for reading and best of luck! I'm only short here for the short term...and think there's still a chance to avoid this head and shoulders.
BITFINEX:BTCUSDShort
by DrDovetail
3
Slight upward movement; Still inside bear pennant…Potential H&S?We seemed to potentially break upward for a second from what was lookign finally like just a standard bear flag....but once again after no huge impulse in volume followed the upward movement it became clear that we still hadn't ahd a breakout and lines needed to eb adjusted once again....We can now see that we are still inside an ascending triangle of a bear pennant and since we have now gone up in price action, that puts a potential head and shoulders in play....Should we dip again by having a bearish breakdown from this bear pennant it would very likely have enough bear momentum to break the neckline of this currently hypothetical head and shoulder pattern....a break of that head and shoulder neckline and thus a validation of the head and shoulder pattern would be bad news as the projected price drop target would take us under the current projected upward slope of the Eve Bottom to around the 7300s. That would not encessarily invalidate the eve it would simply mean that the upward slope may be wider than originally thought and need adjusted....but needless to say it is a much better outcome overall if the price action can find a way to break upward out of this current bear pennant. For now, I am neutral and hodling my position....but am prepared to short with a stop loss around 7830 should we break down from the current pennant. You choose your own path as this is only what I am doing and not financial advice. Thanks for reading!
BITFINEX:BTCUSD
by DrDovetail
H&S with right anglePreviously I posted a Head and Shoulder Pattern forming at around 7.200$ BTC/USD Price. I exaggerated (got wrong) the downtrend angle. I also wasn't aware of Chinese Holidays until recently. That (to me) had a huge impact on the trading volume thursday and friday. Still Weekend worked out as expected. This is an update of the H&S pattern that I thought was forming but with a correction on the downtrend. Also I am adding a possible Short Position that I might take. Please comment if you feel my analysis is wrong and much more important: NEVER INVEST ON SOMEONE ELSE'S IDEAS! Trade safe and BTC will definetely go to 100K+ (eventualy)
BITFINEX:BTCUSDShort
by UrbnityTrades
previous bearflag finally breaks down and hits projected target.It was over 36 hours of non stop consolidation on the last bear flag, doji after doji after doji, morphing at times into a descending wedge, a diamond bottom, and threatening to be an eve shoulder of an adam and eve double bottom, but after 9 4 hour candles of consolidation, it finally returned back into a standard bear flag and broke down to the projected target almost exactly. One of the obstacles that took it so long to do so was the 23.60% fibonacci retracement line(in red) That line was tested again and again and again and just refused to submit....acting as support for hours and hours before finally caving and the flood gates opening. It has now been flipped to just as strong of a resistance line which is a very bad sign for the bulls and the chance of us returning above it before more downside is experienced. It also has now overlapped with the t line which was providing just as stubborn of resistance during the last bear flag and continues to be that level of resistance. Here I am showing the 1hr chart because I think it shows the flags slightly more clearly, but it is important to note that on the 4hr chart, we still have not established a higher low than the last low we had on back on April 1st. I find it hard to believe we would fall back down this close to that low and somehow still create a higher low so I'd say probability highly favors either a new lower low after this current bear flag that has a projected drop of $6264....or we trigger a double bottom with the low on April 1st and then finally shoot upward from there. If we achieve a lower low, the next chance for a rebound will be the psychological support of 6,000 and just under that at $5942 a chance to trigger a massive double bottom with february 6ths low. If we do dip down that low, we will need to trigger a big rebound quickly otherwise we could close under a massive head and shoulders pattern which if triggered has the potential to send us down to $3,000 or even lower which would be bad for the market and could potentially cause the entire year of 2018 to be a bear market. I'm still optimistic in a bullish 2nd quarter so I'm hoping we trigger one of these potential double bottoms...but for now I remain short and will likely limit buy most of my position back just above the psychological support of 6,000 to play it safe...and ladder in more to the position just above each significant line of support under that we might reach. You of course choose your own path though as this is not financial advice. Good luck, ad thanks for reading!
BITFINEX:BTCUSDShort
by DrDovetail
3
Closed 1 4hr cndle above dscnding trngle; still inside bearflagA very positive sign to see us close a 4 hour candle above both the descending triangle and the t-line ont he 4 hour chart....we have one hour left to go on the current 4 hour candle but as you can see it's momentum turned around right inside the edge of the bear flag we've been stuck in for awhile now. Hopefully it will close above the descending triangle as well and give us a confirmation of a potential breakout...but even then we need to see lts of bull volume to go with it for the descending triangle to be valid. For now we are still stuck inside a bear flag but hopefully after closing this current 4 hur candle above the descending triangles top tan trendline that can give us enough bull momentum to bust upward out of the bear flag and follow that candle with another 4hr confirmation candle closing above the bear flag as well...that should collectively give us enough momentum to avoid the dread and shoulders and the death cross. We will ahve to wait and see so for now I remain neutral. You make your own best judgement on what you choose to do as this is not financial advice. Thanks for reading!
BITFINEX:BTCUSD
by DrDovetail
bearflag expands ; are we looking at another descending wedge?For now I stay neutral because sure there's plenty of bearish signs in the market but there is also what appears to be another smaller fractal like descending wedge pattern forming as I have indicated here with the light tan trendlines...These patterns are pretty bullish and Haejin Lee also hypothesized after the last descending wedge that we would rise up and former a smaller fractal of that descending wedge which is kind of what it appears we are potentially doing...of course if this bear flag decides to break bearishly then the potential of triggering a massive head and shoulders that could send us to 5100-5400 is possible...but if we don't confirm a bearish break below this wedge we might instead see a nice bullish break upward to subvert the bearish head and shoulders....Head and shoulders can often be tricks for example the last descending wedge was hidden inside a fake head and shoulders....this could once again be the case....we are sitting at a pivotal moment of limbo where the side it breaks on will determine a big fall or rise. Be careful tread wisely and make good decisions...this is not financial advice. Lastly based on the recent two candles having a trendline that connects them we can expand the ebarflag and see that it likely hasnt been broken yet and is instead bigger than we had originally seen wich happens alot with flag patterns.
BITFINEX:BTCUSD
by DrDovetail
4
4hr bearflag teetering on the verge of a bearish breakdown.Not looking good folks..we can see a bearflag that has been forming on the 4hr for awhile is threatening to break bearishly....you can see the projection of that drop would send us all the way under to the grey ascending trendline which bounced us back up from our biggest low of the year and hasn't been encountered for over a month since that time. It has made strong support in the past and I see no reason why it wouldn't this time around too but always consider the worst case scenario possibility of it breaking down under that as well which I think could only occur if the massive head and shoulders that MagicPoopCannon is claiming is actually actually head and shoulders...if so that could send the market as low as $54000 for a brief while.....It's also very possible that a bearish breakdown from this current 4hr bear flag could still send us all the way to the ascending grey trendline and the grey trendline bounce us back upward quick enough that we never get a chance to actually trigger or confirm the head and shoulders....I think one of these 3 outcomes will happen...bust to consider the potential of all three and have a good game plan ready...If we confirm the bearflag breakdown I will likely go short until just above the grey ascending trend line.You do you though, as this is not financial advice.
BITFINEX:BTCUSDShort
by DrDovetail
EURUSD sentiment shift?!Ok, so quick update with the EURUSD. We can see that after February's drop we got exposure to some solid support at the 61.8% retracement from the highest high. This is mimicked by the intense price action from the smaller 38.2% - 50% within that range. They're the baby blue lines. We can see that this chart has one bull flag at the end of an even bigger flag. To trade this we would need a strong close above the smaller bull channel (grey pattern), coincided with a strong close above the bigger channel (white pattern). Aside from a bullish rally, we can actually see a head and shoulders pattern forming. If the smaller bull flag pattern were to break down and close below the neckline we would see a drop to the 1.19 area. Of course the pattern would HAVE to break through the bigger 61.8% retracement floor, followed by the 50% and 61.8%. The RSI is starting to show higher lows and the MACD has passed a bullish crossover. All in all I will be looking for a strong close above both flags, or keep the smaller one for a small position. If I start to see sentiment change, then I'll be shorting to the neckline, then below that if the HS pattern stays true.
Long
by jordvnflows