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RE: Bitcoin (BTC) Evening: When is the Best Time to Buy?
H&S is a pattern that should only be watched for once it's almost complete. ( in forming)
From what I read you shouldn't try to predict it....just maybe be aware of it once it's almost complete.
And never ever make decisions based on it until it has broken the neck line.
I'm still new to TA....but that is what written everywhere about H&S.
Any "forward discernment" you do alleviates fomo or fud. I would say it's wise to identify as many potential patterns so that you can adapt your strategy once more data becomes available.
I first mentioned this larger H&S yesterday when Haejin identified the potential for the smaller H&S. Once we had confirmation that the smaller H&S broke down, this larger H&S became more probable. (See my comments here on a previous post of haejin's)
And now that it has bounced from the smaller H&S retracement projection -- which also happens to be the neckline for the larger H&S -- I think it becomes even more probable.
I will be keeping a close eye on volume as price approaches 16k-17k. If there is a decrease in volume as price goes higher, that is another signal that we could be in for a rough ride.
With that said, nothing is 100%, and when more data becomes available, we will get a clearer picture of the possibilities and probabilities.
Thanks for your input. I agree 100% with that.
All we can do is keep a close eye on the right shoulder. If it hits the peak and then starts going down again it becomes the most probable outcome, right? After it breaks the neckline it's time to get out of the market and be ready to get back in @ 6-7K?
What's your opinion on altcoins? There is no way you can make profit on alts while BTC is going down? Maybe there is a way to make more BTC out of altcoins trading...but fiat profit is going down no matter what...right?
The way I understand h&s is that we should see an increase in volume when declining from the right shoulder. That would be a warning sign this is a legitimate h&s.
In @haejin's latest video he said the volume was not indicitive of a h&s, but according to http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal it's exactly what you should expect.
Again, @haejin has way more experience than I do, so sometimes "intuition" plays a role in TA. He's been quite good with that in the past.