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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
ETH Classic Head and Shoulders? Initial Target = $660 On the hourly chart we can see a classic head and shoulder pattern playing out on ETH. At this time, we are completing the formation of the right shoulder. The neckline is noted with the red horizontal line, and the green horizontal line represents our target for the completion of this head and shoulders pattern. We got this target by measuring the distance between the neckline to the top of the head (orange arrow line) which gave us a measured move. We then copied the orange line and moved it to the breakdown point (neckline) to see the measured move down. Coincidentally, this measured move is also the 161.8 fib retracement of Wave 1, which is normally where the 3rd Wave (in a 5-wave impulse) tends to end, and is another reason I believe this correction is not over. It is likely we are seeing a 5 wave impulse down, which is the A wave of another ABC zigzag lower (Ill go into more detail about this in another idea, but have drawn out the 5 wave impulse here as well for reference).
COINBASE:ETHUSDShort
by CredibleCrypto
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