...
It is. But not yet, imo. Too much bullish divergence happening on daily timescales across multiple assets on multiple oscillators.
Quoting: Mr. Cheeze Oh your day trading. That'll work out well.
It's not going higher than low 30's
Too much time in 30's. Hope is gone.
BTC needs some blood/fuel.. 24k seems good for a little bounce
What type of fuel? Like a televised event with Elon to promote bitcoin? ghehehe
what is the head and shoulders thing even based on? other than the look of the graph. like what motivates the movement? Or is it merely an observation?
A head and shoulders shows that there are increasingly less buyers in a market over a period of time.
1...........2............3
............BBB....
............B....B....
BBBB....B.....B....BBB
B....B...B......B....B...B
B....BBB.......BBBB....B
___________________ 4.
B............................B 5.
B............................B
B............................B
0.
Start above at the 0. Follow the B's through the numbers 1,2,3,4,5 in order.
The 1 impuse was buyers pushing a price up
The 2 impuse was buyers pushing it even higher
The 3 impuse was buyers trying to push it up higher but failing at the same line as impulse 1. It implies there are less people buying. More people selling. As soon as it breaks below the 4 which is called the "neckline" it is confirmed as valid head and shoulders. Until it breaks below the 4 it is only theoretical and not at all guaranteed. It could go up again. Once price reaches the 5 it is confirmed a head and shoulders and doom happens.
