Head and Shoulders Pattern on ETH/USD 4h
Head and shoulders pattern formation fully complete on ETH/USD 4h. Restest of the $220 price level has failed and should result in future bearish movement.
Take profit level is the height of the head reduced from the breakout off the neckline, stop loss is set at the top of the right shoulder.
Take profit = $170
Stop loss = $240
Take profit level is the height of the head reduced from the breakout off the neckline, stop loss is set at the top of the right shoulder.
Take profit = $170
Stop loss = $240
Note
See newer chart posted 30 minutes after this one.Note
UPDATE: Do not use this chart. H&S is a reversal pattern and ETH/USD is currently at annual lows. Only look for inverse H&S if trying to use this pattern in a bear market.Trade closed manually
Halfway through profit target before closing based on the chart I postedNote
4-1-0 based on this chart, which finished ITMNote
Meh, we'll leave it 3-1-0 since I said not to use this one
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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.