BTC Regular and Inverse Head and Shoulder
My Trading Plan and Analysis for this chart & trade:
A). My Long position entry will be triggered if the price hits the wave2 618 position as also the Right shoulder for the Inverted Head N Shoulder + Trendline Support.
B). My Short position entry will open after my Long position is invalidated terminating the rule#1 [Wave2 cannot retrace 100% of Wave1]. will add short position every pullback or retest on the high timeframe trendline.
Verdict: My bearish complex correction was already completed and the current Higher High structure is a sign of reversal. with a possible regular head and shoulder pattern with wave 4 and wave A zigzag as the neckline and a larger inverted Head and Shoulder pattern with the right shoulder and the last touch of the high timeframe trendline as long position setup. Else, if invalidated, will proceed to a short position with a new bearish count maybe till $20,000 BTC price.
A). My Long position entry will be triggered if the price hits the wave2 618 position as also the Right shoulder for the Inverted Head N Shoulder + Trendline Support.
B). My Short position entry will open after my Long position is invalidated terminating the rule#1 [Wave2 cannot retrace 100% of Wave1]. will add short position every pullback or retest on the high timeframe trendline.
Verdict: My bearish complex correction was already completed and the current Higher High structure is a sign of reversal. with a possible regular head and shoulder pattern with wave 4 and wave A zigzag as the neckline and a larger inverted Head and Shoulder pattern with the right shoulder and the last touch of the high timeframe trendline as long position setup. Else, if invalidated, will proceed to a short position with a new bearish count maybe till $20,000 BTC price.
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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.
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.