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.
What´s an Inverted Head and Shoulders pattern ?
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 min. 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 min. 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 min. 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.
Once a breakout occurs:
IF BTC´s momentum is high enough, a breakout could easily occur. In that case, the minimum target I set will be between 16k and 17k.
Above the 11k resistance (which was an important resistance level) we find 3 other important levels, 12, 13 and 14,5k so we do need to keep an eye on the charts once we´ve reached to get passed the 12k resistance line, we should be in a very bullish mood, with a lot of people joining the BTC F.O.M.O. (Fear Of Missing Out) ride again.
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 me for further TA´s and updates.
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.
What´s an Inverted Head and Shoulders pattern ?
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 min. 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 min. 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 min. 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.
Once a breakout occurs:
IF BTC´s momentum is high enough, a breakout could easily occur. In that case, the minimum target I set will be between 16k and 17k.
Above the 11k resistance (which was an important resistance level) we find 3 other important levels, 12, 13 and 14,5k so we do need to keep an eye on the charts once we´ve reached to get passed the 12k resistance line, we should be in a very bullish mood, with a lot of people joining the BTC F.O.M.O. (Fear Of Missing Out) ride again.
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 me for further TA´s and updates.
Raw_Blitz out.
Comment:
First try to breakout failed like anticipated. But the Bulls will try again, the right shoulder I have drawn is taking shape perfectly !
12k, here we come.
Raw_Blitz out.