BTCBUSD HEAD AND SHOULDER PATTERN
Updated
Btc made it up to 42k but ended up at the lower high of the descending channel and with a double top pattern which is the head of the pending pattern. We saw a reversal pattern to the neckline(lower low of the descending channel) since the new high. Btc is probable to make up the right shoulder and very likely we start to see a new downfall if it fails to breakout of the channel.
All info on prices at support and resistance zones have been provided on chart.The spaced lines indicates support and resistance zones. Observe well before taking position.
Your likes and opinions would be much appreciated, you can follow up for more helpful contents and do follow my comment sections too for quick updates.
All info on prices at support and resistance zones have been provided on chart.The spaced lines indicates support and resistance zones. Observe well before taking position.
Your likes and opinions would be much appreciated, you can follow up for more helpful contents and do follow my comment sections too for quick updates.
Trade active
Bitcoin broke out of the descending channel in yellow and now close to the right shoulder zone where the key resistance level is. From the right side of the double formed on btc, it shows price descended with a falling wedge pattern and broke out, making it possible for btc to move to the upside. The falling wedge pattern could prolly make the head and shoulder futile. Wait for confirmation of the breakout at the right shoulder zone and the lower high of the broad descending channel before taking a long position.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.