If this inverted Head and Shoulders plays out as drawn we should break $60K very soon. If you feel risky you could go long at the bottom of the right shoulder with a stop a few dollars down and if you are more conservative you could go long at the break of $60K with a stop just under your entry. (or whatever are your stop tolerances)
The first profit target would be at least $62K or the entire height of the Head and Shoulders pattern. But..... we have been consolidating in this range for a very long time so if the price breaks $60K again I do not believe it will just stop at $62K. It may start to run and run HARD! Watch for heavy volume to confirm the breakout.
Me? I'm still long waiting for the moon.......... :0)
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The first profit target would be at least $62K or the entire height of the Head and Shoulders pattern. But..... we have been consolidating in this range for a very long time so if the price breaks $60K again I do not believe it will just stop at $62K. It may start to run and run HARD! Watch for heavy volume to confirm the breakout.
Me? I'm still long waiting for the moon.......... :0)
BBC Out!
Comment:
They are still shaking people out left and right. Obviously if the right shoulder price breaks below the head then this pattern is totally blown. Still a chance it works, but it's getting shaky
Order cancelled:
Pattern blown. They don't make anything easy do they?
Still long, but not based on this busted pattern.
Still long, but not based on this busted pattern.