BiTCOIN HEAD AND SHOULDERS ? Major FALL predicted - what do you think ?
Major FALL predicted - what do you think ?
Bitcoin on a Daily Chart is potentially forming a Head and Shoulders pattern - with resistance around $2,829
HERES' A ROADMAP FOR US ALL TO FOLLOW GOING DOWN :
Step 1 a break of 2371 low
Step 2 a break of the Neckline 2100
Step 3 a break of last line of Support (previous top) 1850
Any of these above prices can act as support and hold but a failure means a SIGNIFICANT FALL for Bitcoin potentially back to 1245.
As we know crypto markets are volatile and movement can be savage and swif, catching everyone unaware as panic sets in.
Excuse the pun but you have a "heads up" to get ready IF it happens...
Hope this helps.
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Analysis by: Sean Vengan 26 June 2017
To have a larger view of the chart, just right click on the chart image and select "View Image"
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i dont see the pattern you are talking about, although i do see on 4hr chart a reversal head and shoulders that was completed a few days ago. i think we will see a test of the highs soon.
I have drawn out the Head and Shoulders on a daily chart for you to view but appreciate your comments. Be interesting to see if that neckline on your 4hour chart gets broken or holds as resistance ....if you are correct a buy stop order can be placed above the neckline but watch for a false breakout out as it needs to retest that neckline and find supprt to confirm a move up, failure to do so with indicate the bulls are weak ...
i will concede now on the completion of the H&S top. just was not ready yet until the breakdown and completion of the pattern.
To be frank, you don't need to concede it is what it is. I could have been equally wrong.
Makes no difference who's wrong or right the only thing that matters is how you trade it to make money.
As traders we need to all put our egos aside and the only thing that's right is PRICE ACTION.
Its been proven that women make better traders than men as men tend to bring with them their egos to trading (ie we men are reluctant to admit they are wrong) - I am generalizing of course, but putting ones ego aside will always be a major turning point in learning to trade profitably.
Many traders find this aspect very very hard this is because in life we are conditioned from childhood to always want to be right and avoid being wrong. In trading, that doesn't work. You have to turn that premise right around and quickly admit when you are wrong or expect to lose a bucket load of money holding onto a losing position because of ones stubborness.
If there is one piece of advice I can give traders leaving your ego aside would be ranking near the top.
Advice: When you come to your trading desk leave your ego aside - DONT EXPECT TO BE RIGHT AS MANY TIMES YOU WILL BE WRONG. ADMIT IT QUICKLY and move onto the next trade.
Good to see what other traders see. I had spotted also a similar H&S pattern, but mine had the left shoulder at the lower peak. once it breaks above 2750, I see some resistance a bit higher, at around 2900 where my chart shows a low value node (potential area of rejection) -cheers
Jsut so y'all know $2794 remains a significant Fib Level on the Daily - to break convincing through this price would mean a significant move up to between 3212 to 3509. But we will see if resistance acts as a barrier at 2790 level or not ...
Thanks for the comment. Like most of us minnows, I'm still getting used to this platform and sometimes miss when someone post a reply. I think we are all waiting for the next leg up, I am too and do not want to miss the ride :) cheers