Dear Viewers,
Welcome back to my new Technical Analysis of BTC.
As you can see the Inverted Head & Shoulders pattern is taking shape nicely.
Let´s get into it.
The Head and Shoulders pattern has its bullish equivalent. This is the inverted Head and Shoulders pattern. Contrary to the H&S pattern, the inverse H&S pattern appears during a bearish trend and it implies that the existing bearish tendency is likely to be reversed.
Notice that in this TA, I have applied the target of the Head and Shoulders pattern. The size should match the distance between the head and the neck as shown above. After you measure the size, you simply add it upwards from the point of the breakout. When the price reaches the maximum target, it is an opportune time to close out the trade in full, or at least a sizable portion of it.
So, as an option you can keep a portion of your position open beyond the maximum target. After all, if the price is trending in your favor, you may want to see if you can catch a runner. If you want to extend the target on the chart, you can do this by using simple price action rules or a trailing stop. Be on the lookout for important support and resistance levels, as well as trend lines , price channels, or reversal candles and chart patterns. Each of these might help you to determine your exit point on the chart.
This is how I predict a Bullish Trend towards 16k-18k for BTC.
Keep in mind that the Head and Shoulders pattern is one of the most reliable chart patterns in Forex. This isn´t the case in cryptocurrency because of the fact that this new market is still being manipulated.
Feel free to leave a comment, to like this Technical Analysis and to follow for further TA´s.
Raw_Blitz out.
Welcome back to my new Technical Analysis of BTC.
As you can see the Inverted Head & Shoulders pattern is taking shape nicely.
Let´s get into it.
The Head and Shoulders pattern has its bullish equivalent. This is the inverted Head and Shoulders pattern. Contrary to the H&S pattern, the inverse H&S pattern appears during a bearish trend and it implies that the existing bearish tendency is likely to be reversed.
Notice that in this TA, I have applied the target of the Head and Shoulders pattern. The size should match the distance between the head and the neck as shown above. After you measure the size, you simply add it upwards from the point of the breakout. When the price reaches the maximum target, it is an opportune time to close out the trade in full, or at least a sizable portion of it.
So, as an option you can keep a portion of your position open beyond the maximum target. After all, if the price is trending in your favor, you may want to see if you can catch a runner. If you want to extend the target on the chart, you can do this by using simple price action rules or a trailing stop. Be on the lookout for important support and resistance levels, as well as trend lines , price channels, or reversal candles and chart patterns. Each of these might help you to determine your exit point on the chart.
This is how I predict a Bullish Trend towards 16k-18k for BTC.
Keep in mind that the Head and Shoulders pattern is one of the most reliable chart patterns in Forex. This isn´t the case in cryptocurrency because of the fact that this new market is still being manipulated.
Feel free to leave a comment, to like this Technical Analysis and to follow for further TA´s.
Raw_Blitz out.
