On the daily time frame, the price of BTCUSD has been spotted forming bullish pattern called THE BOTTOM HEAD&SHOULDERS CHART PATTERN.
Head-and-shoulders bottoms are reliable chart patterns that sport a low failure rate and good average rise.
Price trend downward leading to the pattern
Shape looks more like a 3-valley pattern with the middle valley below the others. The pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow). The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit.
Price must have something to reverse, so if the decline leading to the pattern is small, expect a small rise.
Patterns with down-sloping necklines perform marginally better.
NOTE: Please wait for the price to close above the neckline before opening a long position.
Targets still looking at $8946 up to $9406
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.
Head-and-shoulders bottoms are reliable chart patterns that sport a low failure rate and good average rise.
Price trend downward leading to the pattern
Shape looks more like a 3-valley pattern with the middle valley below the others. The pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow). The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit.
Price must have something to reverse, so if the decline leading to the pattern is small, expect a small rise.
Patterns with down-sloping necklines perform marginally better.
NOTE: Please wait for the price to close above the neckline before opening a long position.
Targets still looking at $8946 up to $9406
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.