Double-Edge-Trader

Bitcoin Head and Shoulder Pattern formed

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In 2017 Bitcoin had a huge rally and a drastic dump followed. I have tried shorting BTC recently and been caught out a couple of times during this bull run. However, there does appear to be a clear Head and Shoulder pattern forming on the 4 hour time frame which may push price down to re-test the previous highs made in 2017. Im assuming many will take profits off towards the end of the year too.

Comments

Going short during a bull run takes balls
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@jamilayinde Yes. Better to go with the trend unless there’s a clear reversal sign. Unfortunately my brain is constantly wired to catch reversals (not a good thing!)
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if you guys can't make up your minds the rest of us are fupped 😁
+1 Reply
@Astronomicus Trading is being able to operate in an uncertain environment. Others we’d all be billionaires already
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Astronomicus Double-Edge-Trader
@Double-Edge-Trader, I understand. We are potentially trading the probability of the share going in our direction. Even with the technical analysis and the indicators, the outcome dosen't always reflect the desired result.
I'm a beginner in trading with limited exposure, your views/ideas/opinions are most welcome :)
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@Astronomicus, Thank you. I'm learning everyday and sharing some ideas on here soI can review them later. one thing for sure is the market will do whatever it wants regardless of Technical analysis. Someone will be right and someone will be wrong.
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to enter shorts i would wait for a break below 22300 where it looks like it has become a support
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Analysis and bias has to remain flexible with the market... switch from bearish to bullish if necessary
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i think it'll go up
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Double-Edge-Trader varunthapliyal00
@varunthapliyal00, Quite possibly. I'm just sharing what I see
+1 Reply
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