BTCUSD 4h. Potential Inverse Head and Shoulders. Target 46K

Hi everyone,

Thank you for considering reading my idea.

We may be forming a POTENTIAL inverse head and shoulders pattern with a target of 46K. Note that this is not validated yet. We need to break the resistance from the SuperTrend indicator to fully form the head. Then, finally we hope to form a right shoulder.

If you want to trade this, you may want to wait for the right shoulder to form a bottom, then go long from there. NFA.

If this will play out as well, this would validate our Wyckoff Accumulation Method idea. Link in the "Related Ideas" section below

Like this idea and follow me for more analysis like this. TAYOR.

Cheers,
Juvs

Commento:

Head is formed

Commento:

We did get a rejection from our neckline. Now, we need to reach our right shoulder. That is where we can place a long position.

Commento:

We also have a sell signal in the 1hr chart to hopefully reach 33K then bouncing back up

Commento:

I'm not sure if this is a valid H&S, but if it is, we just broke the neckline. I'm not sure also if this is just a fakeout. Not enough volume?

Commento:

Decisive move to the upside. Let's test the neckline shall we?