EOS/XBT (BTC) head and shoulders forming 02/10/18 Update 4

Sideways, up, down and all around. The initial Head and Shoulder (HS) pattern seems to have completed followed by a bounce on the neckline. The price currently is possibly moving back towards the neckline once more after the drastic drop seen on 30/09, before heading right back to  the center of the rising channel drawn on the "initial" HS pattern.

I say initial since the right shoulder and then after price action seems to have formed a second HS pattern. This is marked by the red HS TA in the chart below.

If you take a look at update 3, the previous post, I have now removed the yellow target lines since price action (PA) has moved passed this target. 

I have added 3 purple possible movement lines. One of which bounces off the yellow support, one on the new target turquoise line and finally one on the strong support dashed red line.
Another thing to note is the reduced selling volume on this exchange(Kraken). Looking at EOS/BTC on Binance, the volume situation is quite different seeing a relatively equal amount of buying and selling volume.

I still have an expectation that there will be a drop that is coming up on this pair and will look at this closely. Once, and if, there is a break and confirmation of a drop, i.e. current support turns resistance, the drop will probably be quite fast.

Short term expectation : EOS/XBT bearish.

Long term expectation: EOS/XBT bullish.

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.