As you can see in the chart bitcoin is forming another head and shoulders pattern,the green trend line ,40k support,stoch's cross are reasons for a trend reversal,it's better to wait for the white trend line to break or observing a reversal pattern based on candles pattern{our trigger} what if the price breaks the 40,000 support? well 36,000 and 30,000 would be other supports. what should I do now? still be patient and wait for the trigger or can open a long position and consider a stop loss.buying in steps can be good plan too! In addition we should not expect a sharp rise,as you can see price fluctuates for days ,then start it's growing rally. make sure you check lower time frames for opening your position and saving your profit each higher high. don't forget to share your ideas in comments best regards,SOBHAN
Bro, that is not how the H&S pattern is working. This kind of pattern is a trend reversal pattern with prices slope downwards, once the neckline is broken. Indeed, in the first H&S you have highlighted, the price breached slightly the neckline, but shortly after it started a really towards up, which have invalidated the pattern. The 2nd H&S is almost fully formed, but if confirmed, it will lead to a continuation of the downtrend, with price target around 15k.
Sobhan_23
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@doktorBTC well,as you mentioned correctly HandS pattern is usually considered a reversal pattern,but if we pay attention to the chart,there’s two H&S,and first one is a continuation pattern,just like this one forming now,the whole concept is that a continuation head and shoulder pattern
jadebonterra
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History doesn’t repeat but it certainly looks like it rhymes. I agree the H&S patterns look to be repeating.
Sobhan_23
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@jadebonterra you’re right,let’s see what may happen?