OlayaR

Correction overdue with possible inverted head and shoulders??

COINBASE:BTCEUR   Bitcoin / Euro
Am I the only one unconfortable with the fact that the €1000 candle from 12/04/18 has not been tested to the 0.5? I think a test is overdue and so is a correction judging by the indicators - however RSI is at 59 on the daily, which it has not done since the 20/12/17, this would help towards the trend reversal case. I would however not be happy if we crossed this threshold without retesting the previously mentioned large daily candle.

Taking into account the .5 fib level a correction would start forming what looks like a bit of an inverted H&S ... Aiming first for 7300 to the upside to then correct all the way down to approximately 6000. If then price picks back up the H&S would begin to take real shape and provide a platform where price and momentum would have a real chance to corroborate that trend reversal.

Will continue to watch and see.
Still think we'll go down some?
Reply
OlayaR samiswilf
@samiswilf, I have not yet seen a candle that size not being retested... eventually it always happens. Some in the Nov/Dec frenzy did go untested, but they got there in the end.

I don't know if it will go lower than 6000, but I am pretty convinced it will go there, otherwise, much further upside from here would mean eventually there will be a harder correction to cover that gap that was never retested. Additionally, the indicators are pointing to the need for a correction. I am watching closely to see if a divergence develops. Overall though there is an uptrend with higher lows that stands since June 2017 and hasn't been broken. To touch that trend in the next 2 weeks we would have to go down to €5600-5700, which would not be that far off the €6000 pricepoint retest of that candle.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out