Bitcoin Price: Head and Shoulders Completes - Now What?
Shortly before the close of the European session yesterday afternoon (GMT) we published our twice-daily technical analysis piece and highlighted a few of the key levels were watching in the bitcoin price. We also noted a head and shoulders pattern forming, and suggested that - upon completion - this pattern may spell further bearish momentum in the bitcoin price throughout Tuesday evening. Now action has matured overnight, what of levels were keeping an eye on in bitcoin price for Tuesday, and how might we interpret price reaching these levels as far as forming a bias is concerned? Take a....
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Bitcoin Price Key Highlights. In the previous weekly analysis, we highlighted an inverse head and shoulders pattern, which played well and acted as a catalyst for an upside move. The price is currently trading in a positive zone, as it settled above the neckline of the inverse head and shoulders pattern. Bitcoin price after trading lower and finding support around 200.00 formed an inverse head and shoulders pattern for a move higher. Inverse Head and Shoulders Pattern. This past week we stated that the 200.00 support area was a major barrier for sellers that prevented more downsides and....
Here's a look at what we are focusing on in the bitcoin price this morning. It’s Tuesday morning, and time to take the first of our two looks at the action in the bitcoin price for today. Before we do, let’s take a quick look at what happened overnight, as this is going to influence how we approach the markets this morning. Specifically, action last night formed something of a head and shoulders pattern on the five-minute chart. A head and shoulders forms when we get a peak, a dip, a higher peak, which then dips into another peak similar in height to the first, but not as high as the....
Crypto and stock traders view the inverse head-and-shoulders pattern as an early signal that a bullish trend reversal is in the making. Every trader aims to buy low and sell high, but only a few are able to muster the courage to go against the herd and purchase when the downtrend reverses direction. When prices are falling, the sentiment is negative and fear is at extreme levels, but it's at times like these that the inverse head and shoulders (IHS) pattern can appear.The (IHS) pattern is similar in construction to the regular H&S top pattern, but the formation is inverted. On completion,....
In technical analysis, traders interpret the head and shoulders formation as a strong sign that a trend reversal is in process. Traders tend to focus too much on timing the right entry to a trade, but very few focus on developing a strategy for exiting positions. If one sells too early, sizable gains are left on the table and if the position is held for too long, the markets quickly snatch back the profits. Therefore, it is necessary to identify and close a trade as soon as the trend starts to reverse.One classical setup that is considered reliable in spotting a trend reversal is the....
Key Highlights. Litecoin price is likely forming a head and shoulders pattern on the hourly chart (price feed from Bitfinex). If the highlighted pattern is valid, then the price may break lower and head towards the all-important $3.00 support area. There is a lot of bearish pressure, as our previously stated resistance at $3.20-30 continued to act as a barrier. Litecoin price may dive sharply moving ahead, as there is a bearish pattern (head and shoulders) forming on the hourly chart. Neckline Break Near? We mentioned in yesterday's post that Litecoin price may head lower as there was a....