I believe this is the correct interpretation. If you combine the chart with the 1 hour MACD across virtually every coin, you can see signs of bullish exhaustion, and some kind of a downward move seems imminent
it sgoing to be a rough few days, try not to make mad moves that you will regret. If unsure.... do nothing at all is the best advice i have heard.
People are selling for christmas presents, the whales buy cars, boats, houses, have mistresses to wine and dine. It can take alot of Bitcoin. There is a lot of investment coming in January, sit tight and get prepared cause 2018 is going to be bigger than 2017.
Verge could hit $5 easily.
People dont learn, within a week they will be as crazy as ever, probably higher highs, use this time to plan for the next correction.
Main thing i learnt this time was, there are warning signs, but you need to take notice, once that whale dumped his Bitcoin and put in down to 7k that was a red flag. You live and learn.
Volume: As the Head and Shoulders pattern unfolds, volume plays an important role in confirmation. Volume can be measured as an indicator (OBV, Chaikin Money Flow) or simply by analyzing volume levels. Ideally, but not always, volume during the advance of the left shoulder should be higher than during the advance of the head. This decrease in volume and the new high of the head, together, serve as a warning sign. The next warning sign comes when volume increases on the decline from the peak of the head, then decreases during the advance of the right shoulder. Final confirmation comes when volume further increases during the decline of the right shoulder.
The head has lower volume then each of the shoulders.
Volume does not really matter that much in my opinion when the market is not liquid enough because there is 200.000+ transactions sitting in the mempool. 60% of Bitcoin adresses are unusable due to high fees. This is when you have to look at the fundamentals and other factors than just TA. As well as how other coins are acting compared to BTC. I'm very bearish on Bitcoin short term and long term and my current target after this dead cat bounce is 8.000... for now.
I think TA predicts the current situation, but I guess it's just how you interpenetrate the data. I think the volume pattern is bang on so far for a H&S.
I want to see increasing volume now as the right shoulder drops. If that happens, I'm seeing 6k over the next week or 2.
The 'interpenetrate' is genius level ;)
Increasing volume right now sure won't be coming from MY side...
Seems we didn't get an evening update this time ?
And we're just forming another tiny head and shoulders within the right shoulder, 10k are surely ours, probably less, or more - whichever way one looks at it ;)
Wow, neighbor's dogs are barking like mad, they just got their presents ;))
That stupid haters of @haejin has down voted me.. Please help me to get back reputation so that we all need to teach lesson for haters and selfish people in this community
I hope so. I saw the same thing. I miss the initial big drop while I was working. Was going to buy in around 13 last night but thought we were in for another wave 5 drop.
Yes, I had been looking at that triangle for many hours, and it finally broke out downwards...
the entire tendency had been upwards, but with ever weaker and lower highs and higher lows...
Hope is a bitch, and now we know ;))
So that happened!
Good call on the rising wedge @z0rn
It's not looking good for the bulls
I think by now ...it's obvious correction was not done. What are your thoughts? Even though this can happen I set my ladders between 11k-9k.
8k
I can see it hitting 11k in the next 2 days.
You right read! Read more here.
Organise a TAF guys alliance, A list of people in Technical analysis of crypto currencies, if you interested!!
You are Upvoted!
I believe this is the correct interpretation. If you combine the chart with the 1 hour MACD across virtually every coin, you can see signs of bullish exhaustion, and some kind of a downward move seems imminent
Agreed. The MACD on LTC ETH and BTC is indicating a down spurt. Not sure how low but at least a dip from where it is at.
Yes. The upward move that some called 'vigorous,' wasn't at all, it became weaker and weaker.
We may see the 8000 yet. Silent night everybody !
Even though @haejin doesn't think so, I believe the H&S still can't be ruled out, especially in light of the rising wedge:
it sgoing to be a rough few days, try not to make mad moves that you will regret. If unsure.... do nothing at all is the best advice i have heard.
People are selling for christmas presents, the whales buy cars, boats, houses, have mistresses to wine and dine. It can take alot of Bitcoin. There is a lot of investment coming in January, sit tight and get prepared cause 2018 is going to be bigger than 2017.
Verge could hit $5 easily.
People dont learn, within a week they will be as crazy as ever, probably higher highs, use this time to plan for the next correction.
Main thing i learnt this time was, there are warning signs, but you need to take notice, once that whale dumped his Bitcoin and put in down to 7k that was a red flag. You live and learn.
Very nicely observed ;)
BTC just started dropping again.
The head is supposed to have the largest volume.
I know @haejin said that, but that's not the understanding I have, nor what http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal says either.
The head has lower volume then each of the shoulders.
Volume does not really matter that much in my opinion when the market is not liquid enough because there is 200.000+ transactions sitting in the mempool. 60% of Bitcoin adresses are unusable due to high fees. This is when you have to look at the fundamentals and other factors than just TA. As well as how other coins are acting compared to BTC. I'm very bearish on Bitcoin short term and long term and my current target after this dead cat bounce is 8.000... for now.
I think TA predicts the current situation, but I guess it's just how you interpenetrate the data. I think the volume pattern is bang on so far for a H&S.
I want to see increasing volume now as the right shoulder drops. If that happens, I'm seeing 6k over the next week or 2.
The 'interpenetrate' is genius level ;)
Increasing volume right now sure won't be coming from MY side...
Seems we didn't get an evening update this time ?
Yeah!
There have been fractal bear shapes everywhere! And we just broke out of the latest one
And we're just forming another tiny head and shoulders within the right shoulder, 10k are surely ours, probably less, or more - whichever way one looks at it ;)
Wow, neighbor's dogs are barking like mad, they just got their presents ;))
That stupid haters of @haejin has down voted me.. Please help me to get back reputation so that we all need to teach lesson for haters and selfish people in this community
I hope so. I saw the same thing. I miss the initial big drop while I was working. Was going to buy in around 13 last night but thought we were in for another wave 5 drop.
And this rising wedge is a pattern of consolidation of the downtrend. But with bitcoin nobady knows
That is true. I've seen BTC break up from rising wedges in the past! haha
Yes, I had been looking at that triangle for many hours, and it finally broke out downwards...
the entire tendency had been upwards, but with ever weaker and lower highs and higher lows...
Hope is a bitch, and now we know ;))