RE: Bitcoin (BTC) Mid-Day Update: BOTTOM COULD BE DONE!!! $26,440 Short Term Target!!

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Bitcoin (BTC) Mid-Day Update: BOTTOM COULD BE DONE!!! $26,440 Short Term Target!!

in bitcoin •  7 years ago 

The head is supposed to have the largest volume.

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7 years ago by

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      ·  7 years ago 

    I know @haejin said that, but that's not the understanding I have, nor what http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:head_and_shoulders_top_reversal says either.

    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.

    The head has lower volume then each of the shoulders.

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      2 votes
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        ·  7 years ago 

      Volume does not really matter that much in my opinion when the market is not liquid enough because there is 200.000+ transactions sitting in the mempool. 60% of Bitcoin adresses are unusable due to high fees. This is when you have to look at the fundamentals and other factors than just TA. As well as how other coins are acting compared to BTC. I'm very bearish on Bitcoin short term and long term and my current target after this dead cat bounce is 8.000... for now.

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          ·  7 years ago 

        I think TA predicts the current situation, but I guess it's just how you interpenetrate the data. I think the volume pattern is bang on so far for a H&S.

        I want to see increasing volume now as the right shoulder drops. If that happens, I'm seeing 6k over the next week or 2.

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            ·  7 years ago (edited)

          The 'interpenetrate' is genius level ;)
          Increasing volume right now sure won't be coming from MY side...
          Seems we didn't get an evening update this time ?

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              ·  7 years ago 

            Yeah!

            There have been fractal bear shapes everywhere! And we just broke out of the latest one

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                ·  7 years ago (edited)

              And we're just forming another tiny head and shoulders within the right shoulder, 10k are surely ours, probably less, or more - whichever way one looks at it ;)
              Wow, neighbor's dogs are barking like mad, they just got their presents ;))

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                  ·  7 years ago 

                Nice! I hadn't even noticed that.

                As I said, there are bear shapes everywhere!

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                    ·  7 years ago 

                  What is most likely to happen after the big H&S has finished?

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