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1hr inverted head & shoulders triggers neckline could go to 6.8kWe can see an inverted head and shoulders seems to have triggered on the 1hr chart. the target price for the breakout is 6.8k they don't always reach their but ometimes they exceed it. So while I'm long until 6.8k if we turn back towards the downside before forming a higher high there's still good odds we will be heading towards a lower low right afterwards. This lower low could be just low enough to trigger the double bottom with february's low or it could reach all the way down to 4.1k to complete the breakout target of the inverted cup and handle on the 4hr chart. So unless I see a higher low or higher high fo some sort I probably won't be staying in too long. when In exit I will put a stop buy in a somewhere $200-$300 above wherever I exit just to play it safe. Please make your own strategies and decisions because this is not meant as financial advice if you choose to factor in anything I've said here that's your own choice. Good luck and thanks for reading!
BITFINEX:BTCUSD
by DrDovetail
1
lower lows/head & shoulders pattern I warned about is triggeredI exited at 7632 like I said in my previous idea...I wil not jump back in until I see a series of higher low/higher high and then a follow up confirmation higher low. Hopefully when we see this I can still jump back in early enough to accumulate some extra btc on the dip. If I bought back in right now I would make and extra .07 btc..but without the higher high higher low higher high first it is a good probability that it will continue to dip. Just my own personal strategy the strategy you choose for yourself is entirely up to you. I am short until I see the higher low higher high pattern confirmed.
BITFINEX:BTCUSDShort
by DrDovetail
series of higher lows still in tact, higher highs broken.We are still at this moment in a continuing series of higher lows on the 4hr which is good but we've actually had 2 lower highs in between those higher lows in a row so that coupled with a new potential head and shoulder pattern leaves rom for concern. I exited my position above the t line at around 7632 and only plan on getting back in around 7821 to play it safe. I may buy back in to accumulate more btc if it dips way low but I might just wait until it reaches this point and shows that it can clear some of these sell walls. That's my current approach. Good luck in whatever you choose to do, and remember this is not financial advice only me sharing my personal strategy that works best for me.
BITFINEX:BTCUSD
by DrDovetail
Head and Shoulders on the 4hr chart still in play.I'm keeping a close eye on this...was hoping we would break upward from the latest bullflag but we apparently did a bart pattern instead. If we trigger this head and shoulders shorting is likely wise. I'm trying to be optimistic that we will avoid it though but gotta be prepared in case it occurs. Just putting this info out there so you can make a better informed decision yourself...not meant to be financial advice of course just a possibility worth being aware of. For now I remain neutral and am trying to stay optimistic. The 4hr stochrsi is not in a good position right now either and has plenty of room to drop but I'm hoping it makes a 180 before falling too far. Good luck in whatever path you choose to take.
BITFINEX:BTCUSD
by DrDovetail
3
looking to form a higher low..potential h&s in playThe recent dip back to the 4hour 50ma has us looking for a bounce and hopefully forming another higher low to continue the series of higher lows/higher highs. However, it sent a bear wick under the 50ma before bouncing back upward and that wick dropped down to the exact level it would need to complete the head of a new potential head and shoulder pattern. Because of this it is imperative that on the next leg up we form another higher high otherwise the odds of forming the right shoulder of this potential head and shoulder pattern will be of a very high probability. Furthermore if we were to trigger that head and shoulder pattern there is a much larger inverted cup and handle pattern that could potentially be triggered shortly afterwards. Seeing a higher high after this higher low forms is very important, and if not at least an additional higher low or 2 until we reach that higher high. Hopefully this is what occurs...the inverted head and shoulder pattern we just broke above failed to reach its target breakout though so maybe the same would be true with a regular head and shoulder pattern as well. Stay cautious and vigilant and prepared for either outcome and you should be fine. I'm still optimistic of a bull run, but ready for the opposite.
BITFINEX:BTCUSD
by DrDovetail
4
BTC has broken above the inv h&s & falling wedge A good sign for the bulls as BTC has now broken upward from the bull flag it was in on the 1 day chart which has allowed it to break above both the inverted head and shoulder pattern and the falling wedge as well. It is still seeing resistance at the 4hr charts 60 line on the RSI but as soon as we can break above the 60 on the 4hr rsi and flip it to support I think the real bull run will begin...lots of bullish signals all around including the developing golden cross on the 1 day chart which is still probably a week or 2 away but worth keeping an eye on. If the inverted head and shoulder breakout is legit we should see the price action go up to around 8k and test the top trendline of the larger triangle pattern that we have been in since the beginning of the year. Our series of higher low/higher highs is still in tact as well so I still am a firm believer in "To the moon in June!"
BITFINEX:BTCUSDLong
by DrDovetail
3
Inverted Head & Shoulder Pattern flirting with neckline.If we trigger a bullish break upward from both the inverted head and shoulder pattern and the falling wedge pattern we will next be testing the much larger triangle pattern we are inside's top trendline. Breaking upward from the bigger triangle pattern has the potential to take us to 20k+ and saeeing how we are nearing it's apex as well I think up is going to be the path of least resistance and still am fully behind my mantra of "To the Moon In June!". Also, the original pattern of the Adam and Eve double bottom is still very much in play and I predict all of these bullish patterns will be triggering in the next couple months as well as the impending golden cross on the 1 day chart. As soon as the 200MA on the 1 day chart no longer factors in the climb to the ATH from november-first half of december. The 200MA should drop significantly and trigger the golden cross that will kick the bull market into gear. The 200MA is currently factoring in all price movement from November 13th of 2017 until today....so by July it should no longer be factoring in the climb to the ATH and the 200MA should by then definitely dip below the 50ma on the 1 day chart, if not sooner. Looks like it shold be a bullish summer.
BITFINEX:BTCUSDLong
by DrDovetail
2
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
Why 1H?I have no idea what people are doing by putting all those 1H charts everywhere. You won't catch every single bounce. You wont predict every single bounce. BTC is old enough to look at 1D chart. Remember guys this is a marathon not a sprint. RSI oversold at weekly, daily and monthly. Ofc we may retest 7k support but i dont see any sign of going lower. Look at percentage of btc dominance at coinmarketcap. After months of getting lower and lower, finally at btc dominance we can see HIGHER LOW. Fudge BCH scam and their CNBCFastMoney. There is no fast money in trading, unless your name is Roger Ver and your wife is responsible for CNBC twitter account. God bless you all and your trades.
BITFINEX:BTCUSDLong
by Cirea
[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