BitcoinLong
BTCUSD Inverse Head and Shoulders Set Up
Updated
This seems like a classical set-up for an inverse head and shoulders for BTCUSD.
1) Taking the neckline and cloning the trend line to form a parallel one and setting it up from POINT 3 (LIGHT BLUE) give the first resistance point
2) Creating another trend line connecting the head -> right shoulder (RED) give you the support point where the next leg up of the uptrend will resume. To get a better approximation of this point, neck line (LIGHT BLUE) is shown. The point where the red and light blue intersect represents an area of strong support and there should be a fierce battle between the bulls and bears at this point followed by massive bull volume resulting in resumption of the uptrend.
3) The target is achieved by measuring the distance from the head to the neckline and taking that measurement from the neckline ($17500)
4) After this target is reached, a retrace to the intersection of the ORANGE AND RED trend lines is expected. This area is a massive support as these two lines represented previous support and resistance. At this point, there will be another big battle between bulls and bears.
5) From then on, see you on the moon at
25K :)
This is not financial advice in any way or form! It is always important to do your own research!
1) Taking the neckline and cloning the trend line to form a parallel one and setting it up from POINT 3 (LIGHT BLUE) give the first resistance point
2) Creating another trend line connecting the head -> right shoulder (RED) give you the support point where the next leg up of the uptrend will resume. To get a better approximation of this point, neck line (LIGHT BLUE) is shown. The point where the red and light blue intersect represents an area of strong support and there should be a fierce battle between the bulls and bears at this point followed by massive bull volume resulting in resumption of the uptrend.
3) The target is achieved by measuring the distance from the head to the neckline and taking that measurement from the neckline ($17500)
4) After this target is reached, a retrace to the intersection of the ORANGE AND RED trend lines is expected. This area is a massive support as these two lines represented previous support and resistance. At this point, there will be another big battle between bulls and bears.
5) From then on, see you on the moon at
25K :)This is not financial advice in any way or form! It is always important to do your own research!
Trade active
STOP-LOSS: DRAW a trend line connecting the left and right shoulders ($9350)Trade active
LONG position should be opened when the neck line at $11500 is breachedNote
Trend looks intact lets see if the neckline is broken at $11500Note
Currently testing the neckline! If this breaks, this would be a perfect set up for a breakout trade!
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