ugly inverse head and shoulder is appearing on the hourly chart

TERA

hero member

Activity: 728

Merit: 500

Quote from: ibankbitcoins on June 18, 2014, 02:15:40 AM

Going up boys!

http://imgur.com/cIKlYue

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.

Why do you call us 'boys'? It sounds like something from a penny stock forum and makes me trust you less.

ibankbitcoins

newbie

Activity: 30

Merit: 0

Going up boys!

http://imgur.com/cIKlYue

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.

natewelt

sr. member

Activity: 252

Merit: 250

Quote from: ibankbitcoins on June 17, 2014, 02:32:46 PM

Classic TA books say that a confirmed inverse head and shoulder is bullish (above trendline). The pattern itself is not.

Inverse is usually associated with a bottom and a regular head and shoulders pattern is usually associated with a top. I would argue that the inverse is either bullish or neutral, but most certainly isn't bearish.

Whether it breaks to the upside or downside though will tell us which it is in this instance...

Dragonkiller

sr. member

Activity: 378

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: TERA on June 17, 2014, 06:04:06 PM

Quote from: Dragonkiller on June 17, 2014, 12:19:41 PM

Quote from: TERA on June 17, 2014, 08:23:08 AM

Get your limbo stick ready.

Are you this pessimistic in all aspects of your life?

How is this pessimistic? You can clearly see that the next major move after the point I am pointing to is upwards. Is having to wait 2 weeks before your breakout that awful and pessimistic to you guys? Are you that impatient?

Yes, we must go to the moon now Tongue

Admittedly this post wasn't that bad, but the vast majority of your posts are very pessimistic.

TERA

hero member

Activity: 728

Merit: 500

Quote from: Dragonkiller on June 17, 2014, 12:19:41 PM

Quote from: TERA on June 17, 2014, 08:23:08 AM

Get your limbo stick ready.

Are you this pessimistic in all aspects of your life?

How is this pessimistic? You can clearly see that the next major move after the point I am pointing to is upwards. Is having to wait 2 weeks before your breakout that awful and pessimistic to you guys? Are you that impatient?

ibankbitcoins

newbie

Activity: 30

Merit: 0

Breakout of the trendline NOW!. Waiting for the bar to close, if it is confirmed. Classic TA says target will be 660usd/btc.

ibankbitcoins

newbie

Activity: 30

Merit: 0

Classic TA books say that a confirmed inverse head and shoulder is bullish (above trendline). The pattern itself is not.

Argwai96

legendary

Activity: 1036

Merit: 1000

Thug for life!

Looks pretty bullish to me. Hardly even retraced much on that right shoulder. This should pop up to that 23.6% of the rally ~ $625-630.

vabtc

jr. member

Activity: 55

Merit: 4

Quote from: natewelt on June 17, 2014, 12:37:32 PM

Inverse head and shoulders chart patterns are bullish not bearish.

That's what I was thinking, too. I don't day trade tho so meh.. carry on.

ArticMine

legendary

Activity: 2282

Merit: 1050

Monero Core Team

An inverse head and shoulders is a bullish pattern typically indicating a reversal from a bearish trend. It is of course very ugly if one is a bear.

natewelt

sr. member

Activity: 252

Merit: 250

Quote from: ibankbitcoins on June 17, 2014, 05:34:40 AM

An ugly inverse head and shoulder appeared. It is ugly because there is a lot of choppy price actions. However, the most important point is that if we break above the trendline, it will be up. If not, we are stuck in this limbo state and imo bearish since we are in a short term down trend.

Inverse head and shoulders chart patterns are bullish not bearish. The bearish one is the head and shoulders pattern, but this is inverse. Usually an inverse head and shoulders pattern signifies a bottom or a break of a downtrend.

Gingermod

full member

Activity: 238

Merit: 100

Quote from: Dragonkiller on June 17, 2014, 12:19:41 PM

Quote from: TERA on June 17, 2014, 08:23:08 AM

Get your limbo stick ready.

Are you this pessimistic in all aspects of your life?

Don't bother, he relies on psychics and moon cycles for his predictions.

Dragonkiller

sr. member

Activity: 378

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: TERA on June 17, 2014, 08:23:08 AM

Get your limbo stick ready.

Are you this pessimistic in all aspects of your life?

TERA

hero member

Activity: 728

Merit: 500

Get your limbo stick ready.

p0peji

sr. member

Activity: 266

Merit: 250

Quote from: bananaControl on June 17, 2014, 05:39:42 AM

My guess would be that we are stuck in a bearish mode until after the FBI auction. People with money want it that way.

^ this. On the other hand if 590$ is bearish I am thrilled to see what bullish looks like.

bananaControl

sr. member

Activity: 322

Merit: 250

Decentralize All The Things!

My guess would be that we are stuck in a bearish mode until after the FBI auction. People with money want it that way.

ibankbitcoins

newbie

Activity: 30

Merit: 0

An ugly inverse head and shoulder appeared. It is ugly because there is a lot of choppy price actions. However, the most important point is that if we break above the trendline, it will be up. If not, we are stuck in this limbo state and imo bearish since we are in a short term down trend.f

http://ibankbitcoins.com/sites/default/files/resize/users/user1/Head-and-shoulder-chart-1099x884.jpg

Topic: ugly inverse head and shoulder is appearing on the hourly chart (Read 1791 times)