Bitcoin Forum

Any takers for this chart pattern ?

https://www.tradingview.com/x/40a8MFOc/

i believe that head and shoulders need to be defined by a flat line, not a descending or ascending one. Otherwise its just noise on a trend.

Think we'll have to agree to disagree on that one my friend

in this case i hope i am wrong =P

Thats not a H&S.  Thats a downtrend line.  H&S needs to be flat or at least almost flat.


I do agree that we are breaking out.  Don't try to force every chart into a H&S pattern.  TA works best when you try to look at what the chart actually is, not what pattern you wish it would be.

This, Finney is right.

https://i.imgur.com/gLWsb68.png

Huobi is escaping the bear trend

Seem to be some doubters that you can have a chart pattern on a sloping line. So what is so special about horizontal ? Only a totally flat un-trending market can have chart patterns ? Chart patterns can play out on any slope.

Interesting to see that break out on Huobi. I usually look at BTC-E myself which is still well below the equivalent line.

Patterns seem to be very unreliable to predict bitcoin movements, even the basic double top. I prefer to check long term lines.

But at least on this thread people look at charts, instead of just tossing numbers out.

This may be true, but pareidolia makes for very poor traders. :P

C'mon, this is bush league guys. You can absolutely have a H&S reversal with a sloping neckline. In fact the neckline is often a major trendline.

afbitcoins, the reverse H&S is legit. I've been watching it play out on the weekly chart.

Yep, look hard enough and you can find defined patterns on almost any chart. This is just noise.

I'm getting a lot of grief here, lighten up folks its just a bit of speculation in the speculation forum. Anyway I don't think this one will play out but if it does, my target is somewhere around $380

What about these then? Not exactly straight

https://i.imgur.com/XcZF7eY.jpg

They don't have to be straight, and in fact, they produce more reliable targets when they are slightly leaned in the direction they point. H&S should be flat to slightly declining on the right shoulder while inverse H&S should be flat to slightly ascending to the right shoulder. These are of course the ideal situations. We have had plenty of H&S that leaned the other way. However, OP's H&S is radically misshapen. So I'm not exactly a fan of this idea, and I'll continue to deny that this was the pattern even if we get to af's target.  :P Same as these ideas I see on TV of C&H where the cup is 2 months long and the proposed handle is 2 days long.

Edit:
In EW terms, an H&S is constructed by waves 3 and 4 to create the left shoulder. Wave-5 makes the high (or low in inverse H&S) of the head. Then A and B make the right shoulder and wave-C is the thrust to the target.

Looks good, but it is pretty safe to say that has been invalidated.

that wasn't the  point. Chart was to illustrate slanting H&s patterns

You can point out that bitcoin will keep on crashing all you want. These people will just ignore smart investing and lose more money all the way to zero.
At least your chart clearly shows the downtrend is still strong.

You're high.

Don't feed the troll they say..

Anyone else seeing the hidden bullish div on the bfx 4 hr since 16 June, the three price peaks vs RSI? Or have  I just been eating too much greek food.

Post the chart?  ;)

Looks legit, but I'm no TA expert.

Edit: actually for it to be a hidden bullish div, shouldn't the price be making higher low while RSI lower low?

Yep! That is regular Bearish divergence