Inverse Head & Shoulders ETH:BTC
ETHBTC 4 Hour
Bullish Inverse Head and Shoulders Pattern
There appears to be a myriad of bullish formations occurring on the 4 hour ETH:BTC chart. From a broader perspective, we are observing basing on a historical trendline that has acted as support during ETH:BTC downturn. After recently forming what is known as a cup and handle pattern, ETH:BTC broke out.
Due to pairing with bitcoin, obviously the move has not matched the ETHSUD gains in percentage, however, a pullback was still necessary for the chart to remain healthy.
Note the convergence of moving averages which will act as support while ETH:BTC on the 4 hour is forming yet another cup as the right shoulder of an invers head and shoulders pattern - all occuring on that historic trendline.
I expect breakout to come in the next few days with the first target being approximately 0.0884, a pivot and the 680 day moving average.
How will this happen? If BTCUSD has a pullback - which I believe this is indicating with recent inflow. The goal of this trade is to accumulate BTC only.
TRADE: Enter at the purple line if it holds, set a loose stoploss.
ALTERNATIVE: First scale 0.082's. Second scale, 0.812s. Third Scale 0.079s. Stoploss 0.078s or 1-2%
Previous Articles:
ETH V Bottom
I.C.O. Are a security
Crypto Roundup
Trading Vs. Investing
Bitcoin
Weekly Overview
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
ahh yeahhh. the ichimoku bull twist. phenomal. should have seen that coming. super cool name, which i guess make TA super cool?
you guessed it. i'm a skeptic on all the TA mumbo-jumbo.
STEEM On!!
DaveB
LOL i can't blame you I understand some view it as and some use it as a self fulfilling prophecy, but its just if this then that, else....
I use it regularily and actively and upon inspection there were just too many bullish setups to ignore. Me thinks is gonna be fun!
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Hey @satchmo I am still reading and trying to understand.. keep up the technical analysis...
Thanks if you have questions let me know! Feel free to ask. A lot of it is trying to recognize patterns and learning to read the price action -- in my case i use momentum indicators to do it
wow so post
I will support you,upvoted
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