BITFINEX:BTCUSD   Биткоин / Доллар США
Previously, I examined a Head&Shoulders bottom pattern that was intended to carry prices up to the 9000 area. However, when the price entered the buy zone (~8380), doubts kicked in. It became obvious that bearish triangular patterns are forming in the leading altcoins, namely Ethereum and Ripple. So the trade was put on hold. Not much has happened since then.
Presently I would like to introduce you to the 'Bearish Play' scenario. It is based on a few simple factors:
1. Short-term trend is bearish .
2. The price put in a fresh lower high.
3. People are absolutely fixed on the Triangle wave pattern on the daily chart . It implies lower prices.

The tipping point for me is this H&S pattern. It becomes invalidated below 8173, and its failure would shift the balance of power in favor of the sellers. So this is my short trigger.

It should also be noted that the volatility has reached an extremely low reading. It is even lower than on April 12 when the price surged some 18% within a few hours. We should now be prepared for similar price action.
May 22
Комментарий: Updated ETH chart:
May 22
Комментарий: IOTA is on the brink of collapse with a massive H&S top:
May 22
Комментарий: To my mind, the drop below 8200 is enough to trigger the short setup. So look to sell short BTC on a pullback. These are two resistance level for this purpose:
May 22
Комментарий: The market is very vulnerable. Consider alternative sell orders on the break of 8170.
May 22
Комментарий: Wait for hourly close below 8170 to enter.
May 23
Комментарий: Interim support @7780
May 24
Комментарий:

Связанные идеи

Now do you expect a deeper fall into 7100 area, or we will see a stronger correction before this, what do you think?
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or, you could see it more closely...

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Shall close short now and wait the bounce back to short?
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How do you think it will be possible to reopen or add sort above level 7780?
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@super55, Yes. Sell the pullback strategy.
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ETHBTC could be another marker for the overall direction of the market. Do you agree?
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I think I got my answer already :) Sorry for previous post, autocorrect! ;)
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ok short starts whats the first target to buy and resell on pullback?
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Nick will there be a small pullback to 8327 our 8427 drink current price of 8190 before major dip to 7000 levels or are we going there now? Thanks
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can it be a complex inverse H&S which is completing the last right shoulder
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