Correction to Previous Head and Shoulders ETH/USD 4h Chart
My prior chart posted just a few minutes ago showed that the price has already broken out below the neckline. The slope of that line is aggressive and missed the September 25 8:00 point as the second point forming the neckline, so to be absolutely certain we should include this point and establish a more correct neckline slope.
Still, the head and shoulders pattern formation is about to be fully complete on ETH/USD 4h. If this pattern holds, theory states to enter during breakout/retest of the $215 neckline price level.
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 = $165
Stop loss = $240
Still, the head and shoulders pattern formation is about to be fully complete on ETH/USD 4h. If this pattern holds, theory states to enter during breakout/retest of the $215 neckline price level.
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 = $165
Stop loss = $240
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.Note
3-1-0, based on comment posted the same day I specifically said do not use the chart. Unforunately couldn't delete it
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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.