40+ Day Inverted Head & Shoulders

BITFINEX:BTCUSD   Bitcoin / Dolar
Dilihat 3024 kali
3024 8
Bullish Reversal Pattern

Neckline resistance questionablly diagonal

Volume profile essentially descending barring the head

Target based on; measured move, fib extensions, previous horizontal resistance

Throwback to diagonal zone of resistance turned support is possible after neckline break

Note: previous H&S broke SL at Right Shoulder and completed anyway. May see a similar pattern here.
Komen: currently in throwback area to confirm previous resistance as support


Idea Berkaitan

TA of Financial Markets says that necklines are often diagonal
This pattern has been a great example of groupthink. No downtrend was broken. Volume is wrong. Neckline is dirty. I think people are force-fitting their hopes and beliefs to a flimsy technical pattern, if you can call it that.
+3 Balas
Love this pattern, looks like its likelihood was greatly increased with the d/t line break.
Hi, are you in a telegram group?
Thank you for sharing your analysis. Can I just ask you what the benefit of doubling-up the cryptos-adapted Ichimoku settings would be? Also, can the double-up settings be used on lower time-frames (4h, 1h, etc.)? Many thanks.
+1 Balas
@MRZSKV, double = better signals due to more data - trade off is signals are later
On the 15min chart (I know, short time frames...but) It looks like a mini head and shoulders is setting up to take it down below the channel line.
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