BTCUSD GREAT Head and Shoulders Trade Opportunity
Bitcoin looks like it may have formed a head and shoulders pattern. The 'right shoulder' seems to have formed already so it may be a good time to enter a short position setting the stop loss at the 'head' price level at around $64,782 and a take profit at around the $62,000 region.
The take profit level is calculated by taking the price difference between the 'Head' and the 'neckline' (= $1907) and subtracting this from the top of the 'right shoulder' ($64,000 - $1907 = $62,093). This is a conservative target that is usually hit. For a more aggressive target, subtract this difference from the 'neckline' ($63,050 - $1907 = $61,143).
The take profit level is calculated by taking the price difference between the 'Head' and the 'neckline' (= $1907) and subtracting this from the top of the 'right shoulder' ($64,000 - $1907 = $62,093). This is a conservative target that is usually hit. For a more aggressive target, subtract this difference from the 'neckline' ($63,050 - $1907 = $61,143).
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