AW Bitcoin Analysis - Head & Shoulders Technical Pattern...
Updated
The Head and Shoulders is a technical pattern in which either side of the top has price action in Wave 4 on the left and Wave 2 on the right.
Of course, there is a neckline because people like to observe these areas so therefore, they are meaningful.
Speaking to this current move back up to retest the break of the neckline, it also serves to work off oversold conditions at the small degree.
Given the nature of the expected move down by proxy, neither bull nor bear is right until we see lower prices to confirm what we are seeing.
Please check out all my previous ideas linked below if you would like to know more about my bearish view.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
If you don't know the long term pattern shouldn't you be doing your research[b/] instead of just following the crowd?
Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.
***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
Of course, there is a neckline because people like to observe these areas so therefore, they are meaningful.
Speaking to this current move back up to retest the break of the neckline, it also serves to work off oversold conditions at the small degree.
Given the nature of the expected move down by proxy, neither bull nor bear is right until we see lower prices to confirm what we are seeing.
Please check out all my previous ideas linked below if you would like to know more about my bearish view.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
If you don't know the long term pattern shouldn't you be doing your research[b/] instead of just following the crowd?
Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.
***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
Note
-A nice drop after retesting the neckline.-In reality it's the waves that make all the difference.
-Normally a target for shorting a head and shoulders pattern is the length of the head measured down from the neckline.
-If you do that then you are not letting your profits run.
-Stay short. Will post update later today.
Related publications
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.