Quickpost: BTCUSD Head and Shoulder can break month long support
Updated
This is a relatively micro formation so the chance that it get busted his higher than average, but the fact that a very lose head and shoulders has formed and that gives day traders a pattern to play in a very technical manner.
I have played a bit with taking profit of head and shoulders on full performance of the right shoulder rather than doing calculations on the traditional head to neckline calculation put forth by Bulkowski (thepatternsite.com/chst.html) and this is more as a matter of convenience than maximizing profits.
Should this perform we get below both the blue trendline and the EMA 4h ribbon in a decisive manner. There is always the possibility that we retest support as resistance and this counts for both the ribbon and the trend line.
This is a micro chart with macro implications based on my other post today. Another rejection as detailed in the linked post does not bode will for bulls and would suggest over-performance on this formation.
I have played a bit with taking profit of head and shoulders on full performance of the right shoulder rather than doing calculations on the traditional head to neckline calculation put forth by Bulkowski (thepatternsite.com/chst.html) and this is more as a matter of convenience than maximizing profits.
Should this perform we get below both the blue trendline and the EMA 4h ribbon in a decisive manner. There is always the possibility that we retest support as resistance and this counts for both the ribbon and the trend line.
This is a micro chart with macro implications based on my other post today. Another rejection as detailed in the linked post does not bode will for bulls and would suggest over-performance on this formation.
Note
Trend line broke higher than expected target price is now $50 higher so $8,950. Still hoping for over performance but that is a different timeframe.
Note
Damn, off by $4. I am sure we take out my target soon enough.
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