BCHUSD yet another rise

Head-and-shoulders bottoms are reliable chart patterns that sport a low failure rate and good average rise.
Price trend downward leading to the pattern
Shape looks like a 3-valley pattern with the middle valley below the others. The pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow).
Most times volume is highest on the left shoulder or head, diminished on the right shoulder. Trends downward 65% of the time.
The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes upward.
Break even failure rate: 10%
Average rise: 45%
Throwback rate: 64%
Percentage meeting price target: 71%
A higher left shoulder valley when compared to the right shoulder valley results in worse postbreakout performance. The Shoulder Valley figure to the right shows this comparison( after completion.
SELL:$141.17 up to $152.78
STOP LOSS:$131.19

Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.


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