Bitcoin - Inverse Head & Shoulders Chart Pattern

If you are a fan of trading based on chart patterns, this post will be interesting for you. The market, probably, will confirm an Inverse Head and Shoulders Chart Pattern. It can be used for buying based on a breakout signal. Stop orders should be placed below the right shoulder. The profit targets are 11700.00, 12650.00, and 13200.00 levels. The part of the trade volume can be left for the long run.

The risk is in MAs, which are above the current price, and they can stop and reverse the market after a breakout. So, be careful. Use the proper money management and control your risk. It is better to use stop orders and don't use the leverage.

If the price can't break the neckline and confirm the iH & S - we should be ready to see the further falling. The breakout below the right shoulder will confirm the movement to the previous swing lows.

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Comment:

Fake breakout or retesting the signal line? What do you think about it? Share in comments?

Comment:

For confirmation that the iH & S does not work as a reversal pattern, I would like to see the breakout below 10 000 / the right shoulder. After that the market will be able to continue the downward movement. Without it, the market still can continue the upward movement.

Comment:

The iH & S chart pattern gave a false bullish signal. Now the price breaks the right shoulder level and we should be ready to see the falling to the previous swing low at 9000.00 level.