It is important to look for significant support that might impede the falling momentum. Check if a critical support exists between the head and shoulders pattern and the target before trading. (In this trade we have two, roughly 7941 and 7895.)
Trade active:
Test of the neckline appears to have failed, this is a common pattern in Head and Shoulders. Still monitoring this closely as ₿itcoin is in a mega bull cycle and this is a short term play.
Test of the neckline appears to have failed, this is a common pattern in Head and Shoulders. Still monitoring this closely as ₿itcoin is in a mega bull cycle and this is a short term play.
Order cancelled:
Breakout occurred on the neckline, trade idea cancels out for this position.
All posts are for educational purposes and are simply my views of markets conditions.
Please do your own research and use my content to educate yourself.
Please do your own research and use my content to educate yourself.