Bitcoin Short To It's Lows - Continuation H&S Pattern Set-Up
Updated
This is how this pattern is typically played out.
Stop at the point this pattern becomes invalidated.
Entry once price shows acceptance below.
First area of support, risk off.
Trailing stop to second area of support.
I view these large candles (circled) at the neckline as an indicator for a stronger follow through.
The thought is that such a rejection is the bulls last ditch effort to reject this neckline, strengthening it as support when it flips to resistance.
Stop at the point this pattern becomes invalidated.
Entry once price shows acceptance below.
First area of support, risk off.
Trailing stop to second area of support.
I view these large candles (circled) at the neckline as an indicator for a stronger follow through.
The thought is that such a rejection is the bulls last ditch effort to reject this neckline, strengthening it as support when it flips to resistance.
Trade closed: target reached
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