I'm still fairly new but what does a head and shoulder for BCH?
leearco
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@RPendragon, Head and shoulders could indicate a reversal pattern. Something to be wary of if you are looking to trade.
ZeroFox09
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@leearco, ok but that's say if BTC gets moves to another massive correction Bcash will rise again?
ZeroFox09
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@RPendragon, In your view point is its very likely that BCH will drop further because I also read some times this could be bullish as well?
CryptoDaddyx
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@RPendragon, its a signal of reversal. I'd say its been pretty bullish and we are going to see drops incoming. I don't think BTC with break support and see it rebounding back to 20k.
leearco
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@RPendragon, Inverse head and shoulders is bullish. Google 'trading patterns' - images
And just because a pattern is present, does not mean it will happen, but traders look at this stuff 24/7
Plus we don't know what whale traders are doing
SittingWolf
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@leearco, agreed. I thought I saw a similar H&S forming on LSK the other day, and then it popped for a big gain.
leearco
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@SittingWolf, Nxt showed Head and Shoulders the other day then went up too due to airdrop
H&S is just a guide. TA is not always correct.