Hey, fellow trader! So, dig this funky chart vibe we got going on here. You see that tentative head and shoulder pattern starting to wiggle its way into the mix? Could it be hinting at a bearish drop? Who knows, man, but we're here to ride the waves regardless!
Now, as traders, we're all about keeping our cool and considering every possible move the price might bust out. Right now, the trend's still giving us good vibes (for now, that is), so I'm all about catching those bounces off the neckline like catching the perfect wave, you know what I mean? Or hey, maybe we groove with it as a triangle pattern, drawing a smooth line between the Head and Right Shoulder.
If I start feeling that bearish momentum gaining steam before we even hit that neckline, I ain't afraid to get down and dirty with a Sell Stop just below it, or I might just hang loose and wait for that breakout-down, then snag a pullback testing that neckline. It's all about feeling the rhythm of the market and moving with it, man. Stay groovy and trade on!" 🌊📈
Now, as traders, we're all about keeping our cool and considering every possible move the price might bust out. Right now, the trend's still giving us good vibes (for now, that is), so I'm all about catching those bounces off the neckline like catching the perfect wave, you know what I mean? Or hey, maybe we groove with it as a triangle pattern, drawing a smooth line between the Head and Right Shoulder.
If I start feeling that bearish momentum gaining steam before we even hit that neckline, I ain't afraid to get down and dirty with a Sell Stop just below it, or I might just hang loose and wait for that breakout-down, then snag a pullback testing that neckline. It's all about feeling the rhythm of the market and moving with it, man. Stay groovy and trade on!" 🌊📈
Note
I've labelled this as Bullish as there are no lower lows yet.Note
The bullish momentum before the breakout-up from the triangle pattern was an indication that the uptrend might possibly continue, at least for now. From experience I've learned that a reversal pattern might be an early warning signal to help traders manage open position by taking profits or at least some profits of the table and adjusting stop-losses.Note
Bias still bullish as price is trading at a level higher than the high on the left shoulder and trading above 61.8 Fibo retracement on the head to neckline bearish move.Note
Will post a new update soon. Currently neutral on BTC
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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.