DrDovetail

inverted head & shoulders pattern on the btcusd 4hr chart

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
This inverted head and shoulder has a disproportionately long left shoulder but it is still valid we are currently testing the neckline. Judging by how overextended the stochrsi is on the buy side on the 4hr chart there are decent odds that this could be rejected here at the neckline but I'm pretty certain on the 1 day stochrsi we are in the oversold territory still so it may just break up from here...I'm gonna wait until I see a clear rejection and solidified resistance from the neckline before I exit my position if I had already sold before this then I would simply wait for a break above the neckline to turn into solidified support before buying back in. My personal strategy and not any sort of financial advice of course..good luck and thanks for reading!

Comment: if this pattern were to trigger we would have a target of about 4.5-4.6k we could essentially climb to https://s3.amazonaws.com/tradingview/sna...
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