Take the height of the head to the neckline and add the distance together to form the price target for a head and shoulders pattern. Both of the shoulders and head are as well H&S patterns on Shorter time frames.
The Support lines are possible rejections zones.
People make fun of me when I tell them I look mostly at 1 min charts. Especially when it comes to Bitfinex. or when I tell them, " All gaps must be filled, one way or another".
Time and time again on Bitfinex, youll see gaps varying throughout time frames ranging which about all have been filled.. The last known gap following the upwards trendline is on the 1 minute chart of Bitfinex slightly below where both trend lines intersect.
If you are shorting where we are currently standing I would highly suggest putting a tight stop loss.
The Support lines are possible rejections zones.
People make fun of me when I tell them I look mostly at 1 min charts. Especially when it comes to Bitfinex. or when I tell them, " All gaps must be filled, one way or another".
Time and time again on Bitfinex, youll see gaps varying throughout time frames ranging which about all have been filled.. The last known gap following the upwards trendline is on the 1 minute chart of Bitfinex slightly below where both trend lines intersect.
If you are shorting where we are currently standing I would highly suggest putting a tight stop loss.
Trade closed: stop reached:
Hoping for a scam wick to bump the price to the 10700. I guess thats what happens when you don't look at the bigger picture and realize there is a triple bottom at 9400.
Trade active:
Shorted my position at 10750 right at the neckline trend. SL at 10850. Price Target resumed to 7500. I will re-evaluate with the resistance at 8900, if that target is reached. with the repeating patterns of H&S throughout various time frames, I can expect a inverse head and shoulders to reach the final destination at 3800. the trend below that resumes at 2300
