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Neckline

Inverse H&S scenario or wedge bottom or pits of hellBitcoin is currently consolidating in a bearish flag (purple lines). This often marks the halfway point of a move. We are also currently in a descending right angled broadening wedge (dashed lines) which is typically bullish according to Thomas Bulkowski. I don't anticipate a break upwards on this, however if we do then consider taking a position above the top trendline on the pullback with a stop right under that line. My two more likely scenarios are forming an inverse head and shoulders or a further decline to new lows. The most likely trajectory is the bold red line. Scenario #1: this flag breaks bearish and lands us right near the February bottom of ~$5800. This would also be the bottom trendline of the megaphone shaped descending right angled broadening wedge. It is typically recommended to play these patterns at the third bottom touch and seeing that it is also the $5800 area bottom, we might see a lot of activity in this area and is a strong buy recommendation with a stop just below the bottom trendline of the megaphone. If it bounces up here, then move your stop loss up below every MAJOR consolidation on the way up. I cannot definitively say anything about where a sell target is on this move so my best recommendation is to follow it because this might in fact be the bottom we are looking for. The IHS should terminate near the major bearish trendline that has contained the market since the all time high. We will likely be rejected at first and if you want to protect profits then take them at this trendline and re-enter if we break through. Scenario #2: flag breaks bearish but IHS fails to form in which case, wherever we get rejected we would be headed to new lows where the next good buying opportunity would be near the support trendline since February 24th. This would also complete the descending wedge pattern forming since then and is also a strong buy opportunity with a stop not to far below that trendline support because if we fail there then who know where we are headed. However, if we break back into the wedge, then consider re-entering. I play conservatively and have no problem losing some potential profits on that. Peace & Love, crypt0guy
BITFINEX:BTCUSDLong
by crypt0guy
BTC has yet to close 2 consecutive 4 hour candles above the neckBTC has yet to close 2 consecutive 4 hour candles above the neckline and instead continues to flirt with it and play hard to get. We've bounced under the tline but are still well above the 50EMA as well as the buy sell sign so it's still very much a buyers market see this as an opportunity to buy the dips...with each passing day breaking the neckline shoudl become easier and easier to acvhieve though so far we've yet to close a singlr 1 day candle on the 1 day chart above the neckline. I still am fairly confident and maybe a little more hopeful than my own good that we will soon see a close of at least 3 consecutive 4 hour candles above the neckline, and hopefully 2 consecutive 1 day candles finally confirming a breakout. One downside to a prolonged breakout is since this inverted h& shoudlers is sloping downward the longer it takes to break the neckline the lower the target price spike of the breakout becomes. I'd say if we're still gonna see a breakout it's gonna happen sometimes this upcoming week or at the very latest by the 15th.
BITFINEX:BTCUSDLong
by DrDovetail
We officially have gone above the neckline!We are officially above the neckline on the 4hr chart!! And with only 4 minutes left to go before this 4 hour candle closes...we may actually close this candle above the neckline! Very exciting time to be invested in btc! Now remember folks we still even if it closes above the neckline on the 4 hr chart are going to need the next 4 hr candle to close above it as well...we also want to see a huge swell in bullish volume to help confirm it. Also always good to double check indicators such as mac d and rsi to be safe....the biggest confirmation won't be until we have closed to 1day candles above the neckline...however 2 4hr candles closing above is a really good sign...I would even tread lightly and wait for a 3rd 4 hr candle if I was being super conservative. We may very well see the price dip back udner the neckline as a false breakout initially though so be prepared if that happens I imagine it will only take another day or 2 max before we get a legitimate breakout. Of course, this could be the legitimate breakout and we might not even ahve to worry about any fake outs. Best to be patient and see just to be safe though.
BITFINEX:BTCUSDLong
by DrDovetail
Bitcoin is flirting with the neckline!Bitcoins bulls have been unstoppabull recently and witht he current price around 11430 it only has to reach 11600 to be firmly above the neckline. If it can close above on the 4hr and then close another followup 4 hour candle above that, odds are very good at that point that we have a valid inverted head and shoulders on our hands....those who have been following me for awhile now will realize that I was the first to call a second much more massive inverted head and shoulders that used the same head as the first one we saw weeks ago. I was calling this to happen before the second potential shoulder had even began to form. At the time I was calling it hypothetical because I wasn't certain a head of a head and shoudle rpattern could be triggered twice. Now that we are this close I'm pretty confident we will see it break/close above the neckline and form a valid pattern. Of course until it does that it won't be valid, but I'm more confident now than ever before that it will. Today's big resistance is at 11500...if the bulls can topple that as easily as they did the resistance lines of 11120, 11300, and 11400 yesterday then I see us very potential breaking above the neckline as early as the upcoming 1 day candle. it may decide to trade sideways for a day or 2 and possibly even retrace a slight bit before this happens though. So hodl with all your might and I reccomend buying in more at any convenient dips.
BITFINEX:BTCUSDLong
by DrDovetail
[BTC/USD] BITCOIN-ALL INDICATORS LOOK BULLISH NOW! BEARS LOST! Well, after many weeks in agony waiting to see what Bitcoin actually does, I believe today is the day for me to pull the trigger. On this video you will hear about all the indicators yelling bullish signals. This inverse head and shoulders was confirmed for me and completed when it broke the neck line resistance on Valentines day Feb 14th, 2018, indicating a bullish reversal about to take effect. The average rise when this happens is approximately 38% up. So, I marked it and also used some Fibonacci retracement lines for some targets. In a way this sucks, because I really wanted to buy bitcoin at about 6k or lower, but unfortunately I didn't get that chance.. The charts are telling me something totally different despite my bias emotions of hoping it would go down. So I'm sticking with the charts and going all in today. The next major period when I believe FUD will occur may cause some panic selling with potentially the G20 Summit this year in Buenos Aires, Argentina Nov 30th, 2018. Germany and France and other countries will heavy regulate crypto which may cause some panic selling and we may see some lower lows. For now, I believe the growth or momentum will be slowly back up in a bullish trend some normal healthy dips... Per my observation, I believe the bear trend might be over! If I'm wrong then I guess I wont loose and neither will many others since you will be able to buy bitcoin much, much lower.. But based on my observation of these charts today don't count it! So, for now this agony and anticipation is over! I can finally chill out now and have some fun! If you enjoyed this video don't forget to like it.. Thanks, CryptoBuzzAnalysis PS. Disclosure: This is not financial or trading advice. You are responsible for you own actions and should do your own research.
COINBASE:BTCUSDLong
by CryptoBuzzAnalyst
1
EURUSD Continuation pattern under the necklineEURUSD Friday Update Although now flat on all pairs escept USDJPY, still believe EUR is going to weaken, just not convinced there's enough impetus right now to force it back lower into new lows with any real power behind it. It's either going to fail here, as it's back testing the neckline of the head and shoulders looming above it - high in London at 1.1671, so if you're still short from 1.1648-1.1665 with stop 15 points higher at 1.1680 it hasn't been hit yet and it probably will come off from here so it's Ok to short with same stops as above, at 1.1680 but only for 40 pips or so back to 1.1613 - then look to close out as it will likely rally again from around here (Unless you catch this short from the neckline at 1.1665 risk reward ratios are not worth chasing for these few pips - 2 to 1 shots are hardly worth the risk, imo, but you may be OK with that) ...we then need to see it trade 15 pips lower, to 1.1598 to trigger a new short, looking to get in on the next minor pull-back for a move down to 1.1482 initially. The other point where we can expect a reversal for EUR, if not from here, will be off the upper parallel and will require the following price action to become reality: Eur will have to break above the neckline at 1.1665, then bust the stop 15 pips higher. Time, then to switch into longs for a move up to the parallel where will look to go short once more. So far price action on this pair all week has been a continuation pattern under the neck-line, suggesting further weakness for EUR soon - but annoyingly the pattern can play out a while longer and this period of range trading within the range set out for the week so far could well persist for a day or two more - OK for day traders but no help for swingers... for them we need to see a break out of this week's range, as outlined above. Too long writing this...in the time it's taken EUR has already fallen 16 pips...too much waffle! But am out this afternoon Uk time so have tried to cover every eventuality I can see - too much information though. Will try to paraphrase in future
Short
by sumastardon