Please take a look at the 15 min time frame. A lot of us are afraid to place buys thinking it will crash further down. But a simple inverse head and shoulder pattern is a great way to take small profits during crashes. Imo, the best time to trade is during a bear market! The easiest patterns always emerge there.
As you can see, H&S1 corresponds to TP1, H&S 2 with TP 2, and H&3 with TP3. I simply labelled three times we saw the exact same pattern emerge.
You place your buy when the right side of the shoulder closes higher than the height of the H&S, and place your sell at the last resistance / support line where price was seen to either get stuck at or it bounced off it. Those lines and sell points correspondingly are labelled as TP in the chart. You can see exactly how those lines corresponds to areas of previous resistance/tops/bottoms/struggles.
IGNORE the green line! - no purpose in this analysis
Our job is to read the pattern, and sell when everyone else is buying.
This is just a quick reminder and example for everyone who is trading during this bearish trend in btc.
As you can see, H&S1 corresponds to TP1, H&S 2 with TP 2, and H&3 with TP3. I simply labelled three times we saw the exact same pattern emerge.
You place your buy when the right side of the shoulder closes higher than the height of the H&S, and place your sell at the last resistance / support line where price was seen to either get stuck at or it bounced off it. Those lines and sell points correspondingly are labelled as TP in the chart. You can see exactly how those lines corresponds to areas of previous resistance/tops/bottoms/struggles.
IGNORE the green line! - no purpose in this analysis
Our job is to read the pattern, and sell when everyone else is buying.
This is just a quick reminder and example for everyone who is trading during this bearish trend in btc.