Of all the chart patterns that signal a reversal of a trend, the "H&S" is by far the best known. This H&S with 2 left shoulders was formed on BTC chart should be regarded as complete until the price breaks down below the Neckline, what it's doing right now. Volume confirmes the validity of the pattern (Volume Left Shoulder > VolHead > VolRighhtSoulders).
Rally can carry the price back to the Neckline, what it is doing right now, but I don't believe it will last long due to the next pattern it has formed. (Consider this ----VolumeReturnMove < VolumeLeftShould otherwise we will see busted pattern).
Because we can see long candles with long lower shadows that penetrate the neckline, I will use "Measured Move" pattern to predict price moves. Why the Measured Move works as it does is not known, but practice on stockmarket shows it's reliable pattern. Here we go:
AB - The first leg: Duration - 106h; Price Action - -9426
C = 16527
CD - the second leg. Duration - 106h; Price Action (D) = C + AB = 16527-9426 = 7101 (Somewhere on this stages volume will increase notably and confirm this pattern, otherwise, it can be busted.) Target is approximate but will be somewhere on 0.5 -0.618 on FibRetLevels and do not forget that different exchanges show different values for A, B, C and D points. The second leg can take more time we can expect the "return movement" to the Neckline.
Rally can carry the price back to the Neckline, what it is doing right now, but I don't believe it will last long due to the next pattern it has formed. (Consider this ----VolumeReturnMove < VolumeLeftShould otherwise we will see busted pattern).
Because we can see long candles with long lower shadows that penetrate the neckline, I will use "Measured Move" pattern to predict price moves. Why the Measured Move works as it does is not known, but practice on stockmarket shows it's reliable pattern. Here we go:
AB - The first leg: Duration - 106h; Price Action - -9426
C = 16527
CD - the second leg. Duration - 106h; Price Action (D) = C + AB = 16527-9426 = 7101 (Somewhere on this stages volume will increase notably and confirm this pattern, otherwise, it can be busted.) Target is approximate but will be somewhere on 0.5 -0.618 on FibRetLevels and do not forget that different exchanges show different values for A, B, C and D points. The second leg can take more time we can expect the "return movement" to the Neckline.
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