A look at this BTC correction

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This is to look at how this correction takes place. I believe the $9000 area is very important. We need to hold that area or BTC is going lower.
My god it's a new trend around here by chasing H&S pattern BEFORE it happen !?!! We have enough to concentrate on what is happen with the real price action (this is called
technical analysis) I saw on this site around 30 chaser like that since a cpl of weeks. To invent HS we also have to invent VOLUME too, in this pattern one does not go without the other. The real HS on your chart (you didn't saw it?) is a reverse one : Right shoulder peak on Febuary 2, Head on Feb. 6 and left Shoulder on Feb. 9 - Neckline was also broke-up on Feb. 9
By the way, in my analysis, on a 4h chart the 12345 moves was clear, we are now in a correction (wave A). We should be around 8200 / 9000 at the end of wave (C)
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Stef_Gee Stef_Gee
Forgot to mention, look at the volume confirmation (peak) on the real inverted HS
And overall your chart is clean ! I like that
sykes Stef_Gee
@Stef_Gee, Thanks for the comments. Don't get me wrong with the Elliot waves thing. I just get sick of seeing charts with them, easy to do on complete charts already. I think we could be in for a bigger correction but if we test the previous as you were saying and bounce from it (like in the screenshot) that would be confirmation of a trend change.

I am not so long at this but since I have started learning, BTC tends to like this pattern as a correction. - You can see it in the BTC history. This current correction has not been like the others (since I have started). I thought it done it earlier but again it kicked my ass. All good for learning though.

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