On the daily time frame, BTCUSD has maintained it's move to the down side test a near support at $7618.0 forming a bearish pattern called THE COMPLEX HEAD&SHOULDERS TOP.
A complex head-and-shoulders top is a chart pattern that looks like a head-and-shoulders but with multiple heads, multiple shoulders, or sometimes both. The break even failure rate is low and the performance is good from this chart pattern.
Price trend upward leading to the pattern.
Shape looks more like a head perched atop two shoulders. A 3-peak pattern with the middle peak above the others. The pattern should look like a person’s head and shoulders, proportional, and not lopsided.
The two shoulders should peak near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow peaks).
NOTE:
The pattern confirms as a valid one when price closes below an up-sloping neckline or below the right armpit when the neckline slopes downward.
Price must have something to reverse, so if the rise leading to the pattern is small, expect a small decline. Wait for confirmation before placing a trade.
Price(body of the candle stick) must close below the NECKLINE. Targets starts from $7247 down to $6480
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
A complex head-and-shoulders top is a chart pattern that looks like a head-and-shoulders but with multiple heads, multiple shoulders, or sometimes both. The break even failure rate is low and the performance is good from this chart pattern.
Price trend upward leading to the pattern.
Shape looks more like a head perched atop two shoulders. A 3-peak pattern with the middle peak above the others. The pattern should look like a person’s head and shoulders, proportional, and not lopsided.
The two shoulders should peak near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow peaks).
NOTE:
The pattern confirms as a valid one when price closes below an up-sloping neckline or below the right armpit when the neckline slopes downward.
Price must have something to reverse, so if the rise leading to the pattern is small, expect a small decline. Wait for confirmation before placing a trade.
Price(body of the candle stick) must close below the NECKLINE. Targets starts from $7247 down to $6480
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.