People seem to love H&S patterns, but from what I've seen in crypto they rarely play out. I don't expect it to happen, but if the price breaks the neckline I will be watching for buy opportunities (usually after I see a good wick in the 1 or 4 hour candle).
Trade active
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Tight stop at 35360, set leverage at what you're willing to risk.
Trade closed: stop reached
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Lesson learned: the reason why so many H&S patterns were not playing out in the last few weeks/months was probably that we were in a bull market, and BTC wanted to go up no matter what. Now that the market is scared, bearish patterns are much more likely to actually play out.
If that head and shoulders play out, It will going down to 36K at least.
Inverse head and shoulders are bullish.
Luppa90
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@fr7in, I did say I thought they rarely played out... Try reading the description first
BizzarTrading
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Head and shoulder is a bearish pattern. Try to study some forex pattern before sharing wrong Idea. You can make people do wrong decisions this way
Luppa90
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@BizzarTrading, Try reading the description before commenting and looking like a condescending idiot. I said I thought they rarely played out, and you can see from the chart I was expecting the price to break the neckline but then go back up.
Inverse head and shoulders are bullish.