May first 2019, we decided to update the previous chart we dropped on BTCUSD.
The trends has really changed all looks so bullish but price needs to maintain its bullish move to the upside, if it doesn't the price of BTCUSD will likely see a major unexpected dump to test $4700 again.
On the daily time frame, the price chart of BTCUSD has been spotted forming a chart pattern called THE HEAD&SHOULDERS TOP.
THINGS TO LOOKS OUT FOR:
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).
The pattern confirms as a valid one when price closes below an up-sloping neckline or below the right armpit.
Price must have something to reverse, so if the rise leading to the pattern is small, expect a small decline.
Patterns with UP-sloping necklines perform marginally better.
We still advise all traders to wait for the breakout towards the down side before taking opening any short position.
Targets towards the downside are as follows $5030 down to $4629. More to that is the Ichimoku doubled cloud metric, the KIJUN still totally flat calling for a pull back and the first biggest C-CLAMP as formed also identifying the TK disequilibrium at this level.
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.
The trends has really changed all looks so bullish but price needs to maintain its bullish move to the upside, if it doesn't the price of BTCUSD will likely see a major unexpected dump to test $4700 again.
On the daily time frame, the price chart of BTCUSD has been spotted forming a chart pattern called THE HEAD&SHOULDERS TOP.
THINGS TO LOOKS OUT FOR:
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).
The pattern confirms as a valid one when price closes below an up-sloping neckline or below the right armpit.
Price must have something to reverse, so if the rise leading to the pattern is small, expect a small decline.
Patterns with UP-sloping necklines perform marginally better.
We still advise all traders to wait for the breakout towards the down side before taking opening any short position.
Targets towards the downside are as follows $5030 down to $4629. More to that is the Ichimoku doubled cloud metric, the KIJUN still totally flat calling for a pull back and the first biggest C-CLAMP as formed also identifying the TK disequilibrium at this level.
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.