Get started

Head-shoulders

Inverted Head & Shoulders on 1 Day Chart Still Very Much In PlayWe got very close to the original projected price target of the lavender wedges projected breakdown, but jut broke upward from the latest bear flag just before the new day candle started. What's a very encouraging sign is that we dropped to almost the exact same height as the left shoulder of this inverted head and shoulder pattern...always good for the validity of a h&s pattern when the shoulders are that symmetrical...not a necessity but usually when its that picturesque it gives the pattern much greater probability of playing out. For the price to turn around at that exact height increases my expectations of the inverted head and shoulder pattern triggering after all...so wise to keep a close eye on that. You'll recall in my laat idea titled two outcomes...one of the outcomes I saw was the price turning back upward to continue the right shoulder...the other outcome was that we would bounce off the bottom trendline of the pink symmetrical triangle we are in...that outcome is still in play too, and in fact both could happen...reaching the bottom trendline and bouncing up off it would not invalidate the inv h&s pattern....however it's much more encouraging pattern if it stays to the upside now based on the symmetry of everything. Wise to still be prepared for both outcomes though. I'm leaning more towards it going up from here but will keep this idea listed neutral since both outcomes are still in play. I also projected it reaching the neckline of the inv head and shoulder pattern around the 28th just because I'm fundamentally factoring in when the Futures contracts are set to expire on the 27th. Considering how that's still 15 days away that still gives us plenty of time to have another dip again before reaching the neckline so be prepared.
BITFINEX:BTCUSD
by DrDovetail
Potential Inverted head and shoulders on the 1/4hr chartsWe got a nice little green impulse past couple candles with some very strange behavior going on with the orderbook over on gdax likely from bots.We can see now that we are a bove a very ugly looking inverted head and shoulder pattern but we can also see the 4hr stoch rsi is overextended and must eventually drop sooner than later. If we can maintain the price action above 6250 for the next couple 4hr candles we should see the inverted head and shoulders triggered which could take it to potentially the 6700s if so. There's an equally good chance however it could be a fakeout and a deeper dip could be on the way below our last low after simply forming a lower high here. For us to form a higher high we would need to impulse above 6.8k not impossible, especially if the inverted head and shoulders is triggered...probability still favors the bears at this point but I will leave this idea as neutral for now. Somehow even though the adam and eve double bottom has sadly been invalidated we still have a chance to trigger a triple bottom. if the triple bottom doesn't occur...I still think we will see a bullish turn around within a weeks time or so simply because the 200MA on the 1day chart is now starting to finally curl downward...it is still currently factoring in all price action from December 7th to now...but once it no longer factors in anything from before December 15th we should see a noticeable drop off on the 200MA, and if we simultaneously are going up ward enough to get the trajectory of the 50ma to point upward then we should see a 1 day golden cross sometime in July which will be a great sign for the bulls and potentially restart the bull market. For now, however I am neutral.
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
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
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
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