BTC - Head and Shoulder pattern (Be cautious)

BITSTAMP:BTCUSD   Bitcoin / Dolar
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We should be cautious in the market whenever there is a H&S pattern. We should not buy until it gives a clear buy signal. If we buy on a false buy signal it may lead to huge losses. (Normally in H&S pattern...once it breaks the neckline it will come back to the neck line as if everything has changed and then swing back down...false buy signal. We should wait until it goes back above the neck line and check Stochastic , Chaikin Money Flow indicator and RSI support to see if they are also giving +ve signals).
I hope this will be last major retracement before it enters into major bull run...again.

Disclaimer: This is just my opinion, not an advice. Trade at your own risk.

There is a price divergence with major indicators (RSI and Stochastic). Price is down but indicators are up. It looks like market is recovering slowly. But we can't be sure of bull run unless price goes above right shoulder.
On a 15 MT chart it looks like overbought. So, I would wait for sometime and place a few buy orders with a "Stop Loss" of 8K. So...that is risking 6K hoping market would bounce back even if it falls. If it goes up instead of falling then we are happy anyway.
A few buy orders can be kept open around $8,800 to pick up BTC at low price in case market falls.
Stop Loss is very important to protect from severe loss. In BTC swings are very high...hence Stop Loss should be at least 3.5-4K below current market price.
Thanks for the update!
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