Fellow investors,
For the past couple weeks we were paying close attention to a potential Inverse Head & Shoulders pattern formation.
We'll know within this week whether there will be an elongated right shoulder or failure in the pattern formation.
However, with the low volume and current regression trend, I think it's unlikely that the shape will form. In other words, there's a higher chance that the price will go downwards.
I think the best position at this point is neutrality because we really don't know what's going to happen.
For now, I highly suggest investors to pay close attention to the market movement for the next couple days to see if there's a clear position and an entry point.
But if you are going to enter,
Long position: $4200
Short position: $3550
For the past couple weeks we were paying close attention to a potential Inverse Head & Shoulders pattern formation.
We'll know within this week whether there will be an elongated right shoulder or failure in the pattern formation.
However, with the low volume and current regression trend, I think it's unlikely that the shape will form. In other words, there's a higher chance that the price will go downwards.
I think the best position at this point is neutrality because we really don't know what's going to happen.
For now, I highly suggest investors to pay close attention to the market movement for the next couple days to see if there's a clear position and an entry point.
But if you are going to enter,
Long position: $4200
Short position: $3550
Trade active:
On Bitfinex, we'll need to breakthrough $4400 for a complete IH&S.