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Shoulders

Ascending wedge drop target dropped to the exact length of wedgeJust wanted to show you all how the purple ascending wedge once it was broken out of dipped the exact height and angle of the wedge...so a very reliable pattern. Also wanted to note that we now have 2 4 hour candles that have closed below this head and shoulder neckline with the bulls desperately trying to lift it back up above the neckline...so far on the 1 day chart though we have yet to close below the neckline...I wouldn't consider it a definite breakout until I see 2 1 day back to abck candles close below the neckline...but with 2 closing below it on the 4 hour its definitely not a good sign. Hoping for a false breakout because if it is a valid breakout you can see by the red dotted trendline that it would take us all the way down to the red fib retracement level....which would be lower than both the grey ascending trendline which has acted as extremely strong support multiple times since last July and would take us even further down than the bottom we hit in February. So if you see today's 1 day candle close under the neckline be prepared to play the short game waiting on 1 more 1 day candle for confirmation. If the bulls can find a way to get the 1 day to close above the neckline...then there's still a slight chance for a ltitle more downside possibly finding good support at the ascending grey trendline or if it breaks below that at the same price we found februarys bottom at.....Once we find a clear bottom that is likely the time I will go fishing for extreme bargains in the alt coin market, but the way this head and shoulders is looking right now, there's a chance we could dip into the $4,000s before then. I certainly hope not but if so I intend to find a way to allow the dip to make more more btc in the process. You make your own decisions however as this once again is not financial advice. Best of luck.
BITFINEX:BTCUSD
by DrDovetail
BTC hits ascending wedge drop target, flirting w/ h&s breakdownBTC has just reached the target price drop of the ascending wedge breakdown shown by the purple dashed line. WWhile it doesn't surprise me it hit this price, it does worry me, because now we are in real danger of breaking below the neckline of this current head and shoulders..we have already sent a wick below it. In order to break it we will need at least 2 closes below the neckline on the 4 hour chart. Even then its not a guarantee that its not a fake breakout but the probability and odds are then at that point greatly in favor of a successful breakout. However 2 closes on the 1 day chart under the head and shoulders neckline will indeed signal a valid head and shoulders pattern. If this happens we may possibly plummet below my grey ascending trendline and possibly dip even lower than februarys low which is a very scary thought. So these next few candles are clutch. I'm still hoping we will eventually find strong support and a huge bounce back up from either the grey ascending trendline or just under it at the same price as februarys low thereby creating a massive double bottom pattern. The latter would probably be preferable, as it would have greater potential to take the price far higher. Anyways be careful out there if you aren't already still short, and you see 2 confirmation candles below the hea and shoulder neckline it may be wise to go short at least until right above the grey ascending trendline or possibly right above it if you are fishing to trigger a limit with a wick. A more adventurous trader may try to put their limit buy back in just above the low of february. As of right now technically the inverted head and shoulders pattern is also still in play because we haven't gone below its head but I have taken it off the chart currewntly as to not muddy up things with overlapping h&s patterns.
BITFINEX:BTCUSDShort
by DrDovetail
4
We officially have gone above the neckline!We are officially above the neckline on the 4hr chart!! And with only 4 minutes left to go before this 4 hour candle closes...we may actually close this candle above the neckline! Very exciting time to be invested in btc! Now remember folks we still even if it closes above the neckline on the 4 hr chart are going to need the next 4 hr candle to close above it as well...we also want to see a huge swell in bullish volume to help confirm it. Also always good to double check indicators such as mac d and rsi to be safe....the biggest confirmation won't be until we have closed to 1day candles above the neckline...however 2 4hr candles closing above is a really good sign...I would even tread lightly and wait for a 3rd 4 hr candle if I was being super conservative. We may very well see the price dip back udner the neckline as a false breakout initially though so be prepared if that happens I imagine it will only take another day or 2 max before we get a legitimate breakout. Of course, this could be the legitimate breakout and we might not even ahve to worry about any fake outs. Best to be patient and see just to be safe though.
BITFINEX:BTCUSDLong
by DrDovetail
RSI Reaching overbought conditions on the 4hrThe past 3 4hr candles have been somewhat indecisive closing as dojis with the most current 4hr candle started by dipping down low as a red candle all the way to the support line of the TLine(in yellow) before bouncing back upwards. Thecurrent minor retracement/dojis is mainly due to the RSI reaching up and touching the 70 range on the 4 hour...However the RSI is still looking very steady on the day chart so I think with enough bearish wicking on the next few 4 hour candles with them ultimately closing as dojis and helping to drop the 4hr RSI rate...I predict a much tighter range of resistance and support and lots of sideways trading for the next 1/2-3 days tops...However I think the big whales involved in bitcoin probaby want to see us break above the inverted head and shoulder pattern's neckline even more than us guppies so they likely won't be afraid to flex their dominance to help break that neckline within the enxt 1/2-5 days...the longer we go the smaller the amount bitcoin will have to climb to break that neckline. These patterns become somewhat of a self-fulfilling prophecy the more the big traders make their trading decisions based on them being triggered. I'd say only buy in at this point and really try your best to do so during dips(which as of now is anything in the 11200s or udner) With the 4hr RSI currently at near overbough levels this is usually when you will be able to catch great temporary dips.
BITFINEX:BTCUSDLong
by DrDovetail
Bitcoin is flirting with the neckline!Bitcoins bulls have been unstoppabull recently and witht he current price around 11430 it only has to reach 11600 to be firmly above the neckline. If it can close above on the 4hr and then close another followup 4 hour candle above that, odds are very good at that point that we have a valid inverted head and shoulders on our hands....those who have been following me for awhile now will realize that I was the first to call a second much more massive inverted head and shoulders that used the same head as the first one we saw weeks ago. I was calling this to happen before the second potential shoulder had even began to form. At the time I was calling it hypothetical because I wasn't certain a head of a head and shoudle rpattern could be triggered twice. Now that we are this close I'm pretty confident we will see it break/close above the neckline and form a valid pattern. Of course until it does that it won't be valid, but I'm more confident now than ever before that it will. Today's big resistance is at 11500...if the bulls can topple that as easily as they did the resistance lines of 11120, 11300, and 11400 yesterday then I see us very potential breaking above the neckline as early as the upcoming 1 day candle. it may decide to trade sideways for a day or 2 and possibly even retrace a slight bit before this happens though. So hodl with all your might and I reccomend buying in more at any convenient dips.
BITFINEX:BTCUSDLong
by DrDovetail
1day candle closes as green spinning top confirming breakoutToday's 1 day candle has closed as a green spinning top giving us a confirmed breakout from the descending chqannel and also taking us another big step closer to having a valid massive inverted head and shoulders pattern. The Galaga Battleship is nearing completion and readying itself for blastoff....will have to break the neckline and have both a 4hr candle c lose above it and a big influx of volume to go with it..although leading up to a confirmed inverted head and shoulder we usually see volume placate during the forming of the second shoulder, however right after we break the neckline you should see a healthy increase in bullish volume. I'm thinking we should see a break above the neckline by the 5th or the 6th but that is just a guess there could be plenty of sideways price movement to extend that a few day longer and it could also happen even quicker than my projection. I'm still confident it will happen...but until you see a break above the neckline and close above it as well (around 11700) then there is not yet a valid pattern. Currently on the gdax order book we can see that at 11120 there is a huge sell wall of 300 coins and surounding that on either side are 100 coin orders and just above and below those orders of 50 coins or greater....collectively that should be enough to keep the price at bay and under that number for at least a few bounces....I've seen orders of only 12-20 coins go up against 100+ coin walls though recently and find ways to grow large enough in the moment to overcome them...so there's still a chance they could overcome that wall at 11120 as early as tonight...but for now it's forming very strong resistance.
BITFINEX:BTCUSDLong
by DrDovetail
The Calm before The Storm - Netflix and Shill with BITCOIN! So D4rkEnergY and Bitcoin are just chilling. They are just hanging out like regular buddies. Noooothing much to do. Preeetty boring stuff. But everything is exactly as D4 predicted. As you can see, the bears are losing momentum, blah blah, and we are still in the descending wedge. Blah, blah... The Volume bars are now half of MA20 volume, and........fel0fep [efp[e,.......,,,,,,,,,,, ' .... ...... ................ ... D4- BIIIITCOIN!! Waaaake up! BTC- Oooh... What, what happened??? D4- FFS.. You fell asleep, it's time to BREAK OUT! BTC- Leave me ALONE, D4! I'm tired! Go away... D4- How dare you talk to D4 like that? People are waiting for you.. BTC- Please, D4, let me just sleep for 1 more hour.. So welcome back, guys! D4rkEnergY is back. So Bitcoin is acting like this really lazy, weird teenager. And he doesn't really know what he wants. So D4 made this new upgraded chart with more patterns, to show you different and alternatives routes. This time D4 will talk a little bit how you should think! If you want to become a good and successful trader, you need to think like this as a combination between chess and poker. You always want to think in multiple lines, variants and combinations. In fact, when it comes to trading, there are ALWAYS an infinite amount of different outcomes. Literally speaking. So our task is always to figure out which lines are the most plausible to get an idea where we are heading. So D4 is here to help you, with how you should think. Here is an example: As you can see on D4 charts, the way we will succeed with the 1st scenario will first be with a break out from the wedge. Then we need momentum to get to the Trendline. There will probably be some heavy resistance. But that is ok, cause if we already got that steep uptrend in the beginning, we can afford to go sideways for a while, even down with the trendline, because we might exhaust the bears in the end, and a bull flag will rise, which will take us higher. After that you can see an Inverse HS pattern has created, which will take us even higher to our destination. So that was just 1 line. As you can see on my chart, there at least 4 other lines and stories. Try to practice at home. D4 will follow up on this - because very soon something will happen. There haven't been any volatility for a long time. As we say: The Calm before the Storm D4 loves you <3 PS. In the end D4 will just say thanks a lot to all of you guys who are following him and supporting him, giving likes and writing Private Messages to him. It really means a lot. It is really hard to answer all of them. Would be grateful for a like. Thanks in advance!
BITFINEX:BTCUSD
by D4rkEnergY
36
Why btc could drop into the 9200s before it reboundsShown here on the 4 hour chart I have a dotted horizontal white line representing the neckline of the head and shoulders pattern. below that I have connected a yellow dotted trendline from the low of the first shoulder to the candles we currently have now on the 2nd shoulder. I also took a dotted white line and made it run parallel with the necklines slope...one I did that you can see the smaller dotted white line is a few pips lower than the yellow dotted line...this is where the price would need to fall to make the slope of the shoulders parallel to the neckine. I don't know if that is a requirement for a head and shoulder pattern but I'm guessing it probably is commonly the case. This is why I make this prediction. Time will tell whether or not I'm right and whether or not the head and shoulders even plays out in the first place.
BITFINEX:BTCUSD
by DrDovetail
Inverted head & Shoulders still very much in play / Death CrossHey all just an update...I've pulled my btc position via stop loss last night at around 10490 but have decided to leave ethereum in for now as its doing well with robinhood...As the price continues to pullback the good news is an inverted head and shoulder pattern is still very much in play....however as you can see with the small yellow dotted lines that show the current price in a trendline with the deepest price point on the left shoulder, we might still not be at the depth peak of the right shoulders dip just yet.... the small white dotted line directly underneath the yellow dotted line has the exact same trajectory as the dotted white neckline of the head and shoulders and that line bottoms out around 9580. so we could still dip to the 9500s in fact that's the exact pricerange I see on the gdax depth chart where it looks like we have enough support volume at that pricepoint to carry us back into the 1100s.....Now I'm sure there's been plenty of head and shoulder patterns who's necklines and shoulder tops didn't run exactly parallel to eachother but there is at least a increased likelihood and mild improvement in probability that if the price did pivot in the 9500s at the parallel price point that the odds of it becoming a legitimate inverted head and shoulders once the shoulder reaches the end of the right shoulder fot it to indeed be a massive validated head and shoulders pattern with at that point after volume confirms it a lot of upside. Let me know in the comments how often the head and shoulders pattern's shoulder and necklines don't follow a parallel trendline if you happen to know or get a chance. Lastly we recently had a brief golden cross recently between the 200EMA and 50EMA but it appears the blue line and grape line are headed towards eachother again..it may lead to another death cross or it could bounce off before that happens...a death cross could be what finally pushes things down to the 9500 range. Thanks for reading...play responsibly. Always set responsible exit and entrance points to whatever fits best with your life.
BITFINEX:BTCUSDShort
by DrDovetail
Reversal doji on the 4 hour chart to end yesterday. Bulls back?We got a welcome and relieving sign after all the carnage of the previous day a few hours ago at the end of yesterday's 1day candle...the downtrend on the 4 hour chart ended the day with a bullish green reversal doji, and we are now seeing what is so far a reasonable bounce up off of the multi support convergence of the 4 hour chart's 200EMA(in grape), 50EMA(in blue), and the bottom ascending channel trendline(in tan). the 200EMA seems to be the one that has taken the role of primary support so far, but the 50EMA which is just slightly above it may take over that role if the candles seem destined to stay bullish. On the 1 day chart it is the Tline(in yellow aka 8EMA) at roughly $10460 that is acting as support and currently the 50 EMA as resistance although we have had a wick sneak above it already so far so the real resistance for the day could be yet to be determined...may be the blue fib extension line at 78.60%(10883.5) and if we get some serious volume it could even break above that and find resistance even further up. Best to look and see what level of volume we get for the day to know for sure how much impact this boucne will have behind it. I think the recent integration of segwit will help with that, and hopefully keep things bullish. My hypothetical secondary inverted head and shoulders that I've been talking about for a few days is still forming rather nicely I went ahead and indicated on the graph..assuming we stay within the trend lines until a confirmed inverted head and shoulder breakout if so (it breaks the neckline and has a huge bullish volume swell to go with it and no bearish divergence from mac d or rsi) I think we can hit our new taget of 17147! Exciting times but play cautiously and let us never forget the carnage we witnessed last night. set reasonable exit and entrance points and I wish you all luck.
BITFINEX:BTCUSDLong
by DrDovetail
BTC 4-Hour Head and Shoulder???? Short TermPotential BTC Head and Shoulders setting up on the 4 hour chart that is worth watching. Increased Bear Volume and a potential Rising wedge support around 9500 and 7800 respectively if we see a pull back Also 4 hour MACD bear cross. Short time consolidation on the 4 hour chart.. If we get a pull back to previous support mentioned above it would be a gift as i think BTC is going to have a massive run this year. The institutional investors want a slice of the Crypto action and the whole space is still red hot. These level offer excellent long term opportunities in my opinion.
COINBASE:BTCUSDLong
by gillman_hugh
hypothetical extended invertedhead & shoulder neckline breached?The Bull run continues. was happy to see the momentum happening today. I added to my position at the near-bottom of today's candle's dip (10300). It surpassed the red fibline and may be keeping it as a line of support depending on how today closes out. Today's best trading probability opportunities would be small laddering in at 10300 and profit taking just below the top of the tan trendline. We seem still well on our way to reach the initial inverted head and shoulder trajectory target at 11900...but I might have spotted the potential for the real shoulders of the inverted head and shoulders to be much more massive tahn originally thought...and if we close today's candle where we are in price now or above that, that would signify that the larger hypothetical neckline(the tan horizontal dashed line) had been breached which would equal a far higher climb(vertical tan dashed line) I don't know if Head and shoulders patterns can operate like that or if its possible for a chart pattern to trigger twice though and would love to hear input from anyone who knows the history of the head and shoulder pattern better than I to know whether or not my hypothetical is even possible. Even if not I still suspect we will flirt with the top green channel line....and if it is correct I think we will blow the lid off the channel and sky's the limit. Thanks to all who have folloed or agreed with my ideas, I have finally hit 100 rep points so for that I am grateful. As always these are my methods not suggesting anyone use them as this is not financial advise. You do you.
BITFINEX:BTCUSDLong
by DrDovetail
BTC Blows up outta the inverted h&s pttern brking the neckline! The neckline has been breached in big fashion! However not as much volume as you would anticipate to go with it....that may very well come today. it has blasted past all recent lines of resistance and now seems to be forming it's new resistance line with the green fibonacci retracement line. We may most likely see it bounce back down and see the inverted head and shoulder neck line as the current support at which point I say is the best opportunity to buy in and enjoy being back on the impending bull trend to come. I'd do any selling just below the green fib line and any buying near the thin grey head and shoulder neck line! Bring on Pamplona!!!
BITFINEX:BTCUSDLong
by DrDovetail
3
Inverse Head and shoulder pattern has formed! Watch 4 the break.On the 4 hour chart we can see a clear inverted head and shoulders pattern has formed...it needs to go above the thinner grey line to break the neck line in order to be valid, but even then, we need bullish confluence in every key indicator (rsi, stoch, mac d and especially Volume) to validate the pattern. To break the grey neckline we will need to get above 9,000 and close the 4hour candle there. Currently the depth chart on gdax suggests that the sell wall will engulf the buy wall just before it hits 9,000 and send it back down as far as 7900-8100, however it may be able to still shoot back up again before the 4 hour candle closes to over 9,000 breaking the trendline and validating the pattern...even if it doesn't break the trendline on this candle, keep in mind that sometimes head and shoulder patterns will retest the trendline, so I think it's very possible we will see it break the nackline within the next 3 days. I plan on waiting until the depth chart dumps and getting some more bitcoin then to take full advantage once it breaks the trendline. If I don't see the volume to go with the pattern once it does break then I will amke sure to safeguard myself with appropriate stop losses. A special thank you to all those so far who have read, and liked my ideas. Thanks to you, I have finally reached the coveted 50 reputation points needed to be able to communicate on other traders idea pages haha. I'm still fairly new here to this space so thanks again for your time...and always this is only what I plan to do and not financial advice....you do you.
BITFINEX:BTCUSDLong
by DrDovetail