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BTCUSD Quasimodo Long & Inverse Heads & Shoulders Patterns

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There is a possibility that on the hourly chart and inverse heads and shoulders pattern might form on BTCUSD . Missing the right shoulder. Just sharing some possibilities you can look out for and trade on breakouts if they happen. Adjust the right shoulder according to the price movement if it plays out.

ETHUSD also having the same possibility.

ETHUSD Inverse Heads & Shoulders Possibility

Could also possibly form a Quasimodo Long Pattern. Pending no. 4 (Higher High) which must be higher than no. 2 (High) & also pending no. 5 (Low) which must not be higher than the no. 1 (Low) and not lower than the no. 3 (Lower Low) points. If another higher high is formed, the pattern can still play out.

Just read about this Quasimodo long pattern and wanted to share it. Came across it when i was looking at some reading material for inverse heads and shoulders pattern which also could play out here. You can read all about it here:
profitf.com/articles/forex-education/quasimodo-pattern-over-and-under/

Wait for patterns to complete and strong breakout with confirmation candles. Be careful of fake-outs.

Just an observation and an opinion.

Be careful if you are margin trading on bitmex. Some technical glitch happened and it cause many liquidations to take place. It would seem they might have intended to liquidate longs. Cause during this period of about 15-20 mins noone could login or do anything with their accounts. Some came back in later to discover account showing zero balance.

cointelegraph.com/news/bitmex-denies-it-made-bitcoin-price-drop-to-37k-after-going-offline

When there is uncertainty avoid margin and DCA in small quantities instead when:
- finds new support can add small portions and place your stop loss in profit
- buy small portions when BTC losses around 1000-1500$

Good luck!

注释

Looks like we are close to the Inverse H&S. Wait for breakout and careful of fake-outs.

Here is ETH with similar pattern. For ETH there is also the Quasimodo Long Pattern in play in case the price movement fails to breakout but finds another low that fits into the pattern we are looking at. If it starts uptrending again and breaks resistance wait for confirmation candle(s) and still be careful of fake-outs although less likely as the price movement was from a lower price + printed the required pattern.

注释

Bouncing off the top of the downtrending line. Will it hold or reject again? Same for ETHUSD.

注释

Wanted to share some ideas and thoughts on how to use smaller time frames to detect possible important patterns and signals that could give you an early advantage on what to do next. Also giving you an idea what your higher timeframes will look like if the move is sustained in the smaller timeframes. Even possible reversals and new pattern formations can be discovered early.

注释

Breakout happened. Just remember to keep create your stop loss in profit once you have a comfortable sum. Lots of uncertainty now. Take what is given and be safe. If it keeps going your way to next support, add into order in small portions if you can and immediately keep raising the stop loss in profit so you have a guaranteed sum no matter what happens. There will also be a CME bloody Gap if price goes above 5935 (cme high price on Friday daily candle close) and or lower than 4120 (cme candle lowest price on that same daily Friday candle.

So its risky to be holding trades not knowing if the CME Gaps will move the price to cover those gaps which might trap you underwater again if you are not careful.

Good luck and have a great week! Cheers!