Okay so this is an update to a previous analysis I did. I originally wrote this as an image update, but I wanted to make it a chart so you can watch it develop. The Head and Shoulders I warned about earlier has completed so here is what I see happening now... The H&S has a rising neckline which typically indicates that the pattern will not retrace to its full potential. I do expect a bearish correction but we have a few weaker support lines to remember. One Is the target line from the inverse H&S right around the $484 mark. Then we have the 50 EMA and the 100 EMA's to offer support. I say weak support because those levels have only been tested once maybe twice so they are not as strong as we'd like, but the way I see this scenario moving forward is displayed by the chart above. I think I called the Cup and Handle a bit early. I do this a lot, I like to be predictive in my analysis, otherwise whats the point right? It does us no good to recognize patterns after they have formed. We want to look for what to expect so that we can react appropriately when the time is right. So what I see now is that the Head of the Head and Shoulders pattern (light red) looks to be the real top of the cup forming the Cup and Handles neckline. I have extended the cup to be bigger to reflect this. Then I see the head and shoulders being the transition that forms the handle. Remember, the handle can retrace to 50% of the cup before it is no longer valid. I still see a C&H forming here I think I was just a bit early calling the neckline. If we retrace to the full potential of the H&S then we will form a perfect handle for that larger cup and then we should have enough momentum to start the next bull run. I have changed the color of the target to Yellow because I want you to remember that this is a Potential C&H, it is not yet a true C&H. We don't trade until we have confirmation. I have changed the "Potential head and shoulders target" to an actual target since that pattern has formed. Only time will tell, but I still have this strong feeling that the bottom is in and we are witnessing its formation in the C&H pattern!
Like it if you like it, and I'll keep stalking these bottoms like a bird of prey.
**This is my personal educated opinion for my own portfolio, use it as educational advice but please do your own research before trading yourself**
Falcon Bottom finder out.
-D
Like it if you like it, and I'll keep stalking these bottoms like a bird of prey.
**This is my personal educated opinion for my own portfolio, use it as educational advice but please do your own research before trading yourself**
Falcon Bottom finder out.
-D
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Previous Analysis if interested
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Head Shoulders Knees and Ethereum...
Sometimes you find the cup and handle inside an inverse Head and Shoulders. Looks like this is could be the case here and I just want to point out the correlation in this chart here. Due to the Fractal Nature of these price movements, I'm expecting to see this larger inverse H&S play out in a bullish fashion.
This potential Inv. H&S is sloping downward which means it most likely won't retrace the full amount, but this lines un up perfectly with the same target as the potential cup and handle. I extended it higher just a bit to include the target of the Inv H&S but we'll look at that more closely when/if we get there. Nothing to see yet except looking for the potential of what this could be.
Head Shoulders Knees and Ethereum...
Sometimes you find the cup and handle inside an inverse Head and Shoulders. Looks like this is could be the case here and I just want to point out the correlation in this chart here. Due to the Fractal Nature of these price movements, I'm expecting to see this larger inverse H&S play out in a bullish fashion.
This potential Inv. H&S is sloping downward which means it most likely won't retrace the full amount, but this lines un up perfectly with the same target as the potential cup and handle. I extended it higher just a bit to include the target of the Inv H&S but we'll look at that more closely when/if we get there. Nothing to see yet except looking for the potential of what this could be.
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Cup and Handle target reached. Anyone else sensing the beginnings to a bull run haha?
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Alright, so the 9k bitcoin level effected Etherum and the rest of the market sans EOS haha. Just like we had expected, but after a small correction we again headed higher into the Cup and Handle target zone. The 50% retrace acted as support and now we are hanging out at the 61.8%. I think we need to hit the 78.6% within the next two weeks for ethereum to keep this momentum up. We shall see.
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Looks like if we go lower and close we could be forming a Head and Shoulders Top . It's upward sloping so we would probably bounce at or before the .618 but it's not pretty if we close low.
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The H&S did not complete the right shoulder. Price action could not get back to the neckline and we instead stayed inside the Symmetrical Triangle Pennant. I think this consolidation is good and is providing strength for our next move up. We shall see.
The H&S did not complete the right shoulder. Price action could not get back to the neckline and we instead stayed inside the Symmetrical Triangle Pennant. I think this consolidation is good and is providing strength for our next move up. We shall see.
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Update:
Like it if you like it, and comment if you have a question. I'm happy to answer!
***This is a reflection of my own educated opinion and should not be viewed as financial advise, please use this for educational purposes only.***
***This is a reflection of my own educated opinion and should not be viewed as financial advise, please use this for educational purposes only.***
