BTCUSD - H&S within H&S: this can't be good

BITSTAMP:BTCUSD   Bitcoin / Dollar
When bearish signals are within bearish signals, it's never good. A previous chart I did also found a flag within a flag pattern , and the price has since broken downwards to confirm a bearish trend .

Here, we have a larger H&S pattern, and a smaller, localized H&S pattern within it. Note that the right shoulder of the larger pattern is also the head of the smaller pattern. The smaller H&S has completed, indicating a bearish trend (but the rising neckline would normally tend to mitigate it as a bearish signal). The larger H&S has not yet completed; but if it does, this would be strongly bearish as the neckline is sloping downwards. If it does complete, it looks like we have support at approximately the 9000 and 7900 levels.
When one has bear glasses on,they would see all bearish...if you see no bull option,you should question health of your observations
sdwariz retiringsoon1
@retiringsoon1, in my personal portfolio I am long on BTC--I don't want BTC to go down!

When doing technical analysis, it is important not to have either bear or bull "glasses" on because having preconceived notions is a way to get seriously burned (or at least disappointed). I guess my question back to you would be, since you are "retiring soon", you have a vested emotional interest in prices going up, no? A question to ask yourself is whether this has an effect on your own conceptions?

If these bullish indicators turn out to be correct, there will still undoubtedly be days where the price goes up--but the overall trend is still down.
+1 Antworten
sdwariz sdwariz
Sorry, the above should read, "If these bearish indicators turn out to be correct...".
+1 Antworten
@sdwariz, it is just a nickname...i want it go down but i am just cautious of other options too...thats all
sdwariz retiringsoon1
@retiringsoon1, Ah, OK :)
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