Bitcoin inverse H&S

BITSTAMP:BTCUSD   Bitcoin / Dollar
Inverse head and shoulders potentially being made on the short term chart. Trend line , .5 fib retrace and 50ma coming into confluence in circled zone.
target if proper break/continuation achieved
Kommentar: Key area first
200DMA in the vicinity
Kommentar: big volume in this key resistance area
Kommentar: Remember the correlation (inverse vix)
Kommentar: Similarities with sept 2017 crash
Kommentar: ?
Kommentar: So right shoulder held nicely to that support. Now testing neckline + .764 fib retrace & R1 in area.
Kommentar: Finally going to break this .764 retrace + double top (r1 level).
Longer term target is back to 100DMA up @~$11600.
pivot & .5 fib off 1st wave
Kommentar: New pivot points & R1 and the .5 fib retrace will still be the level to push through with wave 2 potentially in place
Kommentar: Inverse H&S to push us to test ~$9k again?
Kommentar: Shorter term ^ will be battling this 4h H&S
Kommentar: Back to the 200dma
Kommentar: Same thing. This 9k level needs to be broken

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When you posted the first 30m chart i couldn't see the H&S but on the last two 4h charts it looks convincing. I'm a little lost on how you have derived all the different fib levels, there looks to be perhaps two diagonal fib channels and two fib retracement or extensions? If you could briefly list them then i'll try to replicate them on my charts because it would be a good learning exercise for me.
Chalfie24 tigerpause
@tigerpause, So firstly chart is log scale, so may look different. Fib levels are: Retrace 3/2 -> 6/2, Channel 22/12 -> 2/2 -> 6/1 (was great pivot of price on way down) & the large fibs are the entire range of the market (thick black lines)
tigerpause Chalfie24
@Chalfie24, thank you very much for the explanation and apologies for my tardy reply - been travelling to see the Falcon Heavy launch - amazing! Will update my charts when i get back to the UK.
What's the implication of this?
BRRD dharmie2904
@dharmie2904, first reversal signs.
Done! congrats.
And this one came out of the smaller one below (at a slant).
Good eye! If the pattern continues, it should take us above $8,200
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