Bitcoin is forming a beautiful textbook head and shoulder pattern and has exited the bullish trend channel I talked about in my past idea. We have to watch the price action really closely along the first support line on the 0.618 fib level, if this is broken we will see all hell break loose.
Macd just crossed over in almost all time frames, and is bearish.
We can see the projected downtrend in the white lines that extend at the bottom of the right shoulder, we will see some bouncing action on the fibs and supports that are drawn as it can't go straight down. Also look at the left shoulder and observe how it bounced on the same support channel a couple of times before breaking through.
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BTC just did a golden crossover on SMA50 and SMA200
What does this mean? Since there is barely any present volume, we will probably still see a lot of blood but considerable less than before. Because of this I would go with more conservative sliced accumulations.
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Bitcoin is literally following textbook lessons :)
I would load up 70% on the first box, 30% on the second box.
mnlsnk999
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Your 1st chart is very accurate :) any more updates?
King-king
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@jfabian528, I just posted an update :)
esathas
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@enrod Is it a Death crossover or a Golden crossover. A golden crossover is bullish.
King-king
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@esathas, There was a death cross followed by a golden cross.
Derium
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Forgive me for being a noob. But a H&S pattern depends on the two bounces at the support line, then the 3rd bounce fails and falls. Can I ask why you ignored the right shoulder next to the head that bounced, but the 3rd bounce didn't fail?
Or do a lot of these pattern have 3 bounces? I guess a head and triple shoulder?
It also varies depending of the time frame you put it in. If you put it on a 4h, you can see that what you call the a shoulder is just a pullback/bull trap. The real shoulder formed just now, now just like any TA it doesn't necessarily mean the market will follow the pattern. There are other catalysts like the ones I talked about in my related idea which can make it go the other way.
Derium
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@enrod, Thank you! I just reread what I posted, just to clarify, I was NOT saying you were wrong. I was honestly wondering, just trying to learn :)
Thanks for the reply!
King-king
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@Derium, No problem, I didn't mean to make it seem like I was correcting you just trying to help :)
All in all, great analysis!