Head and Shoulder formation

[Enjorlas]

Looks like we are in a Head and Shoulder formation. What do you guys wiser than I think about this?

http://www.xe.com/currencycharts/?from=XBT&to=USD&view=1M

[1715254959]

1715254959

[Dilla]

Don't see it..

[NorrisK]

That is not a head and shoulder formation... Doesn't even look like one, so I guess it means nothing.

Here is an example of what to look for:



As you can see, nothing like this is happening currently.

[afbitcoins]

I think OP is referring to this.



If it plays out the target will be below $200 I think.
 

I don't see it happening myself

[Dilla]

Right, but that's not a h&s. It's a bubble on a slope.

[jaredboice]

Right, but that's not a h&s. It's a bubble on a slope.

Yes.  It's clearly trending up.  We'll likely see more bubbles on a slope.  And I predict that the slope will become steeper

[afbitcoins]

Right, but that's not a h&s. It's a bubble on a slope.

Thats my thoughts too

[InvoKing]

I see a mountain not head and shoulders formation and in this case i hope to see after a cliff not a canyon.

More incoming bubbles... Yea i share the same idea here.

[doublemore]

I see a mountain not head and shoulders formation and in this case i hope to see after a cliff not a canyon.

More incoming bubbles... Yea i share the same idea here.

If we can hold sideways until through xmas its going to be looking good for a january pump.  I know a few other traders are thinking that month as a possible next bubble.

[n3o111]

I don't see any head and shoulder formation here. Price is going sideways for some time now and it'll go up slowly. It can go up until 500$ again but slower this time. We won't see 200's in 2015 again.

[Tstar]

If you do see an H&D formation you could do this

[MatTheCat]

Don't see it..

Niether did I...but after having checked out my charts after the previous nights action....

...horrendous negative bearish divergence on the four hour indicators, we all expected this trending range to be broken out of, and it hasn't. Shorts are building their positions, longs aren't. Had Bitcoin shown a bit more voracity on the bounce up, then we perhaps could assume that the bottom was in, or at least that Bitcoin would test a much higher resitance zone before repelled back, but the extent of the bounce from $300 was the extent of shorts exiting the positions that they build up around $360. The Market went flat, the price refused to break out of the consolidation formation....and now we are in the weekend...classic dumping timeframe.

.....I think in all likelihood, Bitcoin is going down to test the lows, or finally find support at new lows.

Longer term, I am definitely bullish, but the swings in this market are fucking massive and not to be ignored or taken lightly.