ETHUSD & BTCUSD Inverse Head & Shoulders Forming on 4H Chart
Updated
There is a bullish inverse head and shoulders pattern forming on the 4 hour charts for both ETHUSD and BTCUSD.
Trade on breakout and be careful of fake-outs. If you want to be more careful, wait for breakout that comes back to test the support (previous resistance around the 135-136 region) and bounces again before going long. Target around 147-148.
Just sharing an observation. Trade only what you can afford to lose and only after confirmation candles after breakouts. Never fomo. Its ok to miss an entry and wait for next opportunity rather than taking a higher risk without confirmations and possibly getting caught in a fake-out.
For bullish traders who want to take a higher risk and go for a higher target, always get your stop losses in profit at a comfortable amount just in case price reverses and starts a downtrend after hitting the first target.
Good luck!
Trade on breakout and be careful of fake-outs. If you want to be more careful, wait for breakout that comes back to test the support (previous resistance around the 135-136 region) and bounces again before going long. Target around 147-148.
Just sharing an observation. Trade only what you can afford to lose and only after confirmation candles after breakouts. Never fomo. Its ok to miss an entry and wait for next opportunity rather than taking a higher risk without confirmations and possibly getting caught in a fake-out.
For bullish traders who want to take a higher risk and go for a higher target, always get your stop losses in profit at a comfortable amount just in case price reverses and starts a downtrend after hitting the first target.
Good luck!
Note
Latest adjusted right shoulder according to price movement.Note
Are we doing it? For safer entries wait for bounce off support (previous resistance).
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.