RE: Bitcoin (BTC) Evening Update: Bull Flag Fractals Everywhere!!

[crimsonronin]

There's an even bigger H&S to look out for!

If the first H&S forms, this bigger one will be in play since the smaller one will form the neckline of the bigger one.

Comments

[karthikdtrading1]

wonder how the alt would react during this correction. Usually when Bitcoin goes down, it takes down alts with it. So it might end up being a blood bath. :(

[crimsonronin]

I think the above is unlikely, but it becomes much more likely if the smaller H&S @haejin outlined is realised. (This would be a H&S fractal!)

If (and only only if) the above happens, for me, I'd be moving 80-90% to fiat. I think most alts, with a few exceptions would be smashed.

[scarlet7]

Haejin will warn of this scenario if it becomes probable.

[crimsonronin]

Yes he would. As I said, the smaller H&S he outlined would have to happen first. Then this becomes more likely.

[philfromhongkong]

Even if it won´t happen on a regular basis, if he warns it will crash, as there are sooo many followers with a budget. Anyway, I hope he wont announce any bad news and keeps up those heaters! Love this guy <3 Haters gonna hate..

[philfromhongkong]

Little bit ironic, lets stay positiv!

[richard9349]

What about moving to BitUSD instead of Fiat?
Good idea? I still haven't talked to my accountant yet.

[crimsonronin]

Sorry, by fiat I mean "just not in btc/alts". Bringing it out into actual fiat would trigger taxation events that I'm not ready to deal with.

Most of my stack is over on the bitshares dex, so I would pull it into BitUSD.

I wouldn't put it into USDT either... the chance of that going to $0 is not 0 at this stage.

[scarlet7]

BitUSD is solid.

[chawls]

But there's no volume to back up this H&S read.

[crimsonronin]

From stockcharts.com

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.

As far as I can see, there was increased volume on the left compared with the head. And we see increased volume in the decline from the head. We still dont have the right shoulder, so we will wait and see.

Again, this is not the most likely scenario, but it's something I am watching very carefully.

[crimsonronin]

What are your thoughts today? Seems a bit clearer to me.

[crimsonronin]

In my opinion, this is becoming more likely. Let's see if we hit the first target of 11k.