An inverse H&S on the weekly - How would this make you feel?
Updated
Bitcoin has since November 22, 2019 formed Inverted H&S patterns on most time frames if not all. The pattern began forming on 22 Nov and confirmed on 27 Nov after it successfully broke the neck.
On the daily chart, it is safe to say the pattern began same day as LTF with the LTF pattern forming the left shoulder on the daily chart.Daily https://Charthttps://www.tradingview.com/x/ghb0P8WF/
Four hour Chart
Bitcoin has seen 9k since the pattern was validated and is trading around 8.9k at the time of writing this.
What is interesting to note is that, just like the scenario above where the pattern on the daily TF was shown as an extended pattern on the LTF, an extended pattern could be formed on the daily chart which would invariably form an inverted H&S pattern on the weekly TF.
This would play out should bitcoin face a strong rejection from the 9k level and find support above 7.3K. This is what it would look like:
and would be shown on the weekly chart as
Please note that this is just idea and does not necessarily mean this is how it will play out. Also, drawings are not to scale.
Conversely, it could play out like this and still fail to validate the pattern on the weekly chart which would be painful.
I am of the belief that the bottom was in the 6.3k area and with the halvening beckoning, we're going to the "moon".
"I wish you good fortune in the wars to come" - Ser Arthur Dayne, the sword of the morning.
On the daily chart, it is safe to say the pattern began same day as LTF with the LTF pattern forming the left shoulder on the daily chart.Daily https://Charthttps://www.tradingview.com/x/ghb0P8WF/
Four hour Chart
Bitcoin has seen 9k since the pattern was validated and is trading around 8.9k at the time of writing this.
What is interesting to note is that, just like the scenario above where the pattern on the daily TF was shown as an extended pattern on the LTF, an extended pattern could be formed on the daily chart which would invariably form an inverted H&S pattern on the weekly TF.
This would play out should bitcoin face a strong rejection from the 9k level and find support above 7.3K. This is what it would look like:
and would be shown on the weekly chart as
Please note that this is just idea and does not necessarily mean this is how it will play out. Also, drawings are not to scale.
Conversely, it could play out like this and still fail to validate the pattern on the weekly chart which would be painful.
I am of the belief that the bottom was in the 6.3k area and with the halvening beckoning, we're going to the "moon".
"I wish you good fortune in the wars to come" - Ser Arthur Dayne, the sword of the morning.
Trade closed: target reached
I believe it is only right I update this chart now. It only seems logical that bitcoin chills out at this level to close out the week/month. 9.2k was a conservative target for the corn. I expect a push into 9.5-9.6k to close it out where it gets rejected and dumps. I will attempt to short pushes into these areas with invalidation a close above the high of President Xi pump.This is where the right shoulder will begin to form.
I have the WMA 20 or 50 or a cross of the 2 for where the right shoulder bottoms.
Good luck comrades. We've made it this far. Don't lose your coins.
Trade active
I hope people are still able to see this. I closed this idea by mistake.. haha.This is how I would expect things to unfold in the coming week.
I may have drawn the initial diagram to scale...lol
Good luck
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