Agency
Long

Bitcoin Inverted Head and Shoulders on the 1HR

BITFINEX:BTCUSD   Bitcoin / Dollar
Is this an inverted head and shoulders on the 1HR chart? Bullish divergence on the RSI and trend lines suggest so.

Wait for a break to the upside of the confirmation line and golden circle, or a breakout to the upside with the completion of the right shoulder.

Profit targets can be set at $6650 and $7148 as long as we breakout of the entire pattern to the upside. Be advised, the hourly and daily fibo extension targets lay ahead, along with the potential crown reversal zone.

This pattern becomes invalidated with a breach and close of the trading range support at $5744.20. Other supports to the downside are $5590 (trading range), $5529 (sub-key fibo), along with a fibo extension at $5234.

GLWT!
-Erik
Trade ist aktiv
Trade geschlossen: Stop wurde erreicht: at entry
Thoughts on the ascending triangle on the 15 min chart?
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Well, IHS on uptrend, hmmmm nope, this is not working. IHS appears only as trend reversal.
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Agency MiloszKaszynski
@MiloszKaszynski, theoretically you are right! I've been successful with this trading pattern in the BTCUSD chart many times though. :)
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Given that trading bots will be selling at the daily and hourly max tp, will you be setting your tp's at those levels or at $6650 and $7150?
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Agency WheelmanM80
@WheelmanM80, I'll watch price action on small time frames and most likely sell most of my position once we get into the potential reversal zone. This is assuming we break to the upside...who knows, all of this might breakdown! :P
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i dont see the divergence on the rsi .... could you point out what you are seeing ????
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Agency arai02r6
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I don't think you can call that an inverse H&S, that is quite a stretch to make that fit.
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Agency Kingof2v1
@Kingof2v1, lets see :)
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@Agency, hes right its just incorrect i think
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