GBPCHF Potential ReversalGBPCHF has completed 3 drives up to complete and Elliot wave bullish drive. This potential headnshoulders pattern could produce 3 waves down for a reversal.
Headnshoulders
Are you investing in the right shoulder? Congrats but be carefulIt is way early to call but it sure loos like the right shoulder of a potential head and shoulders pattern. I have been waiting for a 6800 and now this looks like it is most likely in play now. I also have a diagonal trend line from the 20k peak to the latest high of 8491. I am waiting for a 3rd touch to confirm resistance. Then a nice shorting opportunity awaits to at least the 5.6 region. There are 2 factors that rule against the H&S however: 1 is the volume; it traditionally requires the left shoulder to have more volume than the head also, the trend should move up into a H&S not from above and bounce into a H&S but then again, this is BTC and I have seen it break a lot of T.A. rules before ;)
BTC Breaking down like a schoolgirlBitcoin is being an insecure little schoolgirl who got dumped for the first time. Looking at BITMEX:XBTUSD we can see that it has formed a giant head and shoulders pattern and has broken down through all support after it failed at 10 000. We can see the 1200 sma is providing some support, should it hold strong we can expect to see a quick retest of 9500 however if BITMEX:XBTUSD continues to cry and be insecure we can look to the head and shoulders pattern which has provided us with breakdown target of 7500 area.
key areas:
8300(long term uptrend)
8000(psychological)
7500(H&S target)
Cryptodad looking out for you, if you found this analysis useful or insightful, please like, follow and share. If you didn't, please keep it to yourself, its rude to gossip.
soo many reasons $UPS ripe at these levels.1.) Sitting on long term trend #support which led uptrend since 09'.
2.) stock is down 24% in a month???
3.) Gap lower could get filled and set-up a right shoulder of a #HeadnShoulderpattern
4.) well ok I gave u 2 in 3.
DGB can be had for CHEAPLove this coin, show massive potential. Pick it up when it's cheap.
As you can see DGB has presented to us a massive head and shoulders pattern this is not to be ignored. There seems to be some support on the 200ma and on the respective fib retracement level. This however, will not last very long. With bitcoin and the market as a general having taking a beating, I only see alt coins bleed for the next few days. MACD and RSI both seem bearish although there is some semblance of support but not much.
This bleeding will stop eventually but only after bitcoin shows us a reversal confirmation. Right now BTC is controlling the market and for the moment it seems there might be some upside potential, but we don't know for how long. BTC will probably go into a consolidation phase during which alts will bleed.
Hold your BTC, get some more fiat buy cheap. DGB can be had for very very cheap.
This is of course not financial advice and I am not a financial advisor.
Best of luck and good trading
X
Potential Reverse head and shoulders forming on the BTC 1hr!!There seems to be a clear upsude down H&S Pattern forming on the BTCUSD Hourly chart. My analys has my targets of support/resistance and and overal mid-term prediction of bitcoin testing back near its ATH by months end, Fingers Crossed. If you missed the recent dip down to 1400, no worries there will be another great time to get back in once that right shoulder forms up around the 1300 level. I'm looking to buy more BTC just above the 1300 mark on its uptrend after confirmation of it being right shoulder, but there is potential for it to drop much lower for the better portion of a day or so if you catch it on time.
