BTCUSD & ETHUSD Inverse Head & Shoulders Forming on 4H Chart
There is a bullish inverse head and shoulders pattern forming on the 4 hour charts for both BTCUSD and ETHUSD.
Trade on breakout and be careful of fake-outs. If you want to be more careful, wait for breakout that comes back to test the support (previous resistance around 6500) and bounces again before going long. Target around 7100.
Just sharing an observation. Trade only after confirmation candles after breakouts. Never fomo. Its ok to miss an entry and wait for next opportunity rather than taking a higher risk without confirmations and possibly getting caught in a fake-out.
For bullish traders who want to take a higher risk and go for a higher target, always get your stop losses in profit at a comfortable amount just in case price reverses and starts a downtrend after hitting the first target.
Trade only what you can afford to lose. Nothing is 100% in life, ever.
Good luck!
Trade on breakout and be careful of fake-outs. If you want to be more careful, wait for breakout that comes back to test the support (previous resistance around 6500) and bounces again before going long. Target around 7100.
Just sharing an observation. Trade only after confirmation candles after breakouts. Never fomo. Its ok to miss an entry and wait for next opportunity rather than taking a higher risk without confirmations and possibly getting caught in a fake-out.
For bullish traders who want to take a higher risk and go for a higher target, always get your stop losses in profit at a comfortable amount just in case price reverses and starts a downtrend after hitting the first target.
Trade only what you can afford to lose. Nothing is 100% in life, ever.
Good luck!
Comment:
Latest adjusted right shoulder according to price movement.
Comment:
Are we doing it? For safer long entries wait for a bounce off the resistance that should now be support.
