siwe7

Bitcoin H&S Forming

BITFINEX:BTCUSD   比特幣 / 美元
Dear Traders!

In the 4-hour chart it is likely that a H&S Pattern is forming.

Why do I think that?

It's because in the 4-hour chart we have just touched the 50 SMA , which builds support for the right shoulder on the neckline.

Br             , siwe7
評論: Sorry, not 50 SMA, but MA. It's the green one.
評論: Note: This scenario depends on the 50 MA, whether it holds or not.
If it holds, a H&S seems likely to me.
If not, we will see a correction far beyond 10k. best would be around 7k. Than we might see transition from EW 2 to EW 3.
評論: H&S Pattern failed.
Hey Pal, a lot of other coins have broken the 50 MA already. I think BTC will form an even larger inverse Head and Shoulders soon

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siwe7 CryptoMagician34
@CryptoMagician34, i see this option as well, also because this would conform with a transition from EW 2 to EW 3.
It depends on the 50 MA, whether it holds or not. if it holds, a H&S seems likely to me. if not, we will see a correction far beyond 10k. best would be ~7k.
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@siwe7, Fair, your Smaller H&S could also play into the larger inverse H&S
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@siwe7, we could both be right, we could also both be wrong lol
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siwe7 CryptoMagician34
@CryptoMagician34, the smaller H&S would probably just postpone/stretch the correction a bit.

hehe, that's the beauty on trading, but i hope at least one of has is right... because then i'd have to give up crypto, since it is too complicated, and stick to stocks and funds ;)
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siwe7 siwe7
*one of us. pity, that there's no edit function...
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@siwe7, looks like we were both right :)
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And the 50 EMA and the 200 EMA on the 4 Hour TF.
IT should be solid as F!

But then again we have Whales who like to play with people's Fears and funnel them to doom. EMA what? Have to watch the order books and Depth charts.

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