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RE: Bitcoin (BTC) Evening: When is the Best Time to Buy?

in #bitcoin • 7 years ago

Yes, exactly.

Haejin mentioned the potential for the smaller H&S (the one in yellow above) yesterday, and as soon as he said that, it become clear to me there was a bigger H&S (the one in green above), which is a fractal, potentially in play.

It's always better to be prepared with potential outcomes than to have them sprung on you without knowing how to react.

Good luck!

7 years ago in #bitcoin by
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     7 years ago (edited)

    I have trouble identifying these structures because my screen is so tiny, it all looks rather blocky... I'm now running two browsers so i can use two tradingview accounts, one with a 15 minute and one with a daily/4h hour scale, that works way better than switching time scale all the time... still, the HS scenario seems to be less likely now because of the lack of volume in the center - so maybe we can relax... keep up the good work, we'll soon have a team of experts ;))
    Here's a simple Fibonacci application, and it shows that the deepest dip (at Kraken) went right to the .0618, which makes it a perfect moderate retracement so far.

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       7 years ago 

      Although @haejin may be correct that this wont end up forming a H&S, I believe he was incorrect about the H&S volume:

      Volume: As the Head and Shoulders pattern unfolds, volume plays an important role in confirmation. Volume can be measured as an indicator (OBV, Chaikin Money Flow) or simply by analyzing volume levels. Ideally, but not always, volume during the advance of the left shoulder should be higher than during the advance of the head. This decrease in volume and the new high of the head, together, serve as a warning sign. The next warning sign comes when volume increases on the decline from the peak of the head, then decreases during the advance of the right shoulder. Final confirmation comes when volume further increases during the decline of the right shoulder.

      http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal

      This is with the caveat that Haejin has much more experience than I do, so he may disagree with this assessment. I guess only time will tell, but it's good to have it in our bag if we need it.

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