EOS/XBT (BTC) head and shoulders forming 12/09/18 Update 2

Following the same 4 hour chart, not much change has been seen.

Modifications to the HS pattern forming on the 6th had to be made, however I do not believe that this pattern has been negated just yet. 

Looking at how the neckline on my previous charting of the HS was pierced leaves me to believe that it was just drawn prematurely and the right side of the head had not completed in its entirety. 

After redrawing the neckline and widening the right shoulder to match the left we get the following:

The neckline or rising trend line has been acting as support with at least 6 bounces so far.

As always a HS pattern cannot be called one unless the right shoulder is formed.

My previous entry points have been shifted to the new implementation of the HS pattern.

The two possible outcomes I am currently entertaining are the following; the HS pattern forms completely and there is a break in the neckline followed by a drop in the price of EOS compared to BTC; or secondly, since there is high selling pressure, a break of the neckline, rising trend line, before the HS pattern is formed.

Either is possible.

This is what is happening now and sentiment can change in a heart beat. News can come out and people may react rationally or irrationally towards it. It has happened in the past and will happen again sometime, someday.

Remember, this is not financial advice, some people say technical analysis does not work, and there are times that patterns do not complete or complete and do the opposite of what it "should". If you have not come to your own conclusion that you should short or go long then do not do it.

Peace, love, crypto.