Shoulders
Why 14000 could be bearish for BTCHead and shoulders, but on a sloping line.
If BTC reaches 14000 and fails to push through then it could be abiding by the down trending channel and not the Schiff Pitchfork
You can see this pitchfork on some of my posts from several days ago. It continues to be very accurate. a breach of this will be very significant.
Each bounce within this fork is smaller and smaller.
A short opportunity may present at 14000.
I will update later
BTC make it or break it - possible head & shouldersWe have a possible Head & shoulders pattern forming on the 4h chart. We know BTC doesn't follow usual patterns, but we also know we're in a descending trend, so this time, it may surprise us.
We're currently at the 200 MA, if it breaks support and goes to 13k, prepare your wallets for a buying point.
What do you guys think?
Bitcoin BTCUSD Watch out for potential Head and Shoulders hereBitcoin BTCUSD Update
If you got long again at the ridiculous hour of 11.30 pm est you're hard working and deserve your 400 points reward.
Weirdly the crypto chat room was quite quiet with a guy from
London waiting for the BCH burst to top out so he could bail out and fade the consolidation. London's finally catching on.
2018 will be so fascinating and fast moving. It's good for competition, good for spreads and good for us therefore, in
time. Now, finally people are taking BTC very seriously. So many Bitcoin jobs to be created now. How long for though? No
one can answer that one for us but if anyone will know in advance it will be GS. And the chart. Until that day comes we
ride this like nothing has ever been ridden before...in the entire history of speculation. Ever. We are alive for it. Wow
Right now Bitcoin is trying to track huigher but is, weirdly, being contrained on the upside by an old parallel from way
back in the mists of time (hell, it's 14 days old - that's 2 years in FB time!) - and yet it's clearly back in play once more,
stopping the rallies. Another nice day in prospect for day traders but not much for others right now. It's trying to hold a
newly forming little parallel off yesterday's lows and needs to keep holding up there or we have a danger of a head and
shoulders forming here off the top, with a neckline at 15809 and a minimum downside target at 14210 if it gets broken.
Time will tell but right now this is not a very strong pattern, except for day traders. Unless you look to short if head and
shoulders gets completed later on, as above.
Bicoin: BTCUSD Reverse head and shoulders now clearerBitcoin Update
The reverse head and shoulders pattern is clearer now..
Right on the breaking point now and therefore vulerable to a
failure here...but it looks good so far...
Because the H and S pattern is clearer it also gives a clearer
measurement target on the upside once 7425 is beaten: 77333
is the minimum measurement implication of this break, if and
when it occurs so it should be worth following.
It would be helpful if it came back to 7350 (if 7350 gives way
at any point it could spike down to 7290 -7280 at absolute
worst so we have be wary with stops, not to get taken out of
a good position on a spike - the worst feeling in world, being
right, but still losing money...that is the worst kind of pain,
the worst kind of loss. Better to be outright wrong!)
Still a battle going on at the neckline now ...if it now breaks
higher from here, obviously that shows real strength
again...follow it. Otherwise we wait and see if we can get in
from lower down at 7350, maybe even 7300 on a spike (put in
order in and see if it gets hit...this is what causes those pin
bars!!!) - but we'l have to leave the stop below 7250 to begin
with if struck to avoid getting hit.
Otherwise we trade breakout on upside when it comes. Good
luck and be careful with stops!
Bitcoin possibly returning to <5000$ (short term)Bitcoin seems to form a pretty clear "complex Head and Shoulders" as tought by John Murphy in his book "Technical Analysis of the Financial Markets", one of the foundations in education of technical analysis.
As Bitcoin was not able to set a new high, we may now see the start of a correction initiated by exactly that head and shoulders. The decreasing volume from peak to peak (left shoulder highest volume, head less volume, right shoulder least volume) strenghtens this idea. A significant break (1h-candle closing more than 1% under the neckline, increased volume) through the neckline would confirm the h&s and indicate that the price is aiming at <5000$ (pink arrow projecting down the distance head-neckline from neckline as tought by John J Murphy). After breaking the neck, a return to this specific line would be likely before further downward movement. If this happens, I'll open a short position with a tight stop above the neckline which should work as a resistance at this point. As we are still in a strong long term uptrend, Bitcoin breaking through this new resistance is not unlikely. This may be a pretty risky trade, so I'm only going to open a small position and, as I already mentioned, keep my stop tight.
Beyond technical analysis there seems to be a lot of disapointment because of Bitcoin Gold and the connected "free money" (even though something like that does not exist, the market always rebalances). At least I personally am reading a lot of negative comments and nearly no positive feedback. As this was one of the reasons for Bitcoin reaching approximately 6200$ I feel like Segwit2x will not be able to push the price any further and a correction is about to take place (MACD and stochastic RSI on daily basis affirm this statement, unfortunately I was not able to add them up there). After all, everything that goes up has to come down (before moving up even further :) ).
Please keep in mind that I am by no means an expert and this should not be considered investment advice. To be even more clear, I'm in the game for only a few month and this is my first public analysis. So don't be afraid to give me some constructive feedback, I'll be thankfull about that.
Head and Should forming in BTC before the fork.I think a clear head and shoulders is forming. It could rise up a little more and then drop the length of the neckline. Textbook head a shoulders move. This would put the buy zone at 4700 conservatively. This would be wonderful right before the fork for those who want to buy big. Resulting in a huge push to ATH. A textbook setup to subtly dab on the haters.