inverse head and shoulder
Market has pulled back from yesterday's strong rally. We've consolidated over the last 24 hours, a really choppy market really, not much fun. Daily discussion comments dropped from 385 two days ago to 200 yesterday lol.
At this juncture, the bears now need to push price down, can the bears bring the price back down 485? Anything above 485 suggest we could be in a head and shoulder style reversal pattern. Disclosure, I am still short btc from 2 days ago.
Confirmed Inverse Head and Shoulder on the hourly. Measured move target is 660 dollars/bitcoin. This is a highly reliable pattern when confirmed. Volume is a little low for the breakout. I would be concerned if volume doesn't pick up or if it fall back down below the trendline draw on chart. Otherwise, bullish pattern. Next post, I will be covering some of my past trades on bitfinex. Anyone know how to get a copy of your track record or history? Follow me on twitter.com/ibankbitcoins.