$BTCUSD - Head and Shoulders spotted
Hi guys! 👋🏻
Bitcoin is about to complete the formation of the Head and Shoulders pattern, so I highly recommend you to keep an eye on a possible sell-off.
đź”” The neckline is at 11250, if the price drops below the neckline, then we might witness a drop down to $11 120 and probably $10 910.
đź”” See examples of the latest H&S pattern below and why I think BTC will drop soon enough.
1 October drop
1 September drop
đź”” Head and Shoulders pattern per se is a corrective pattern, and rarely signals a trend-reversal. The pattern when formed signals the exhaustion of bulls, especially when every bullish move is stopped lower the previous high and close to the levels of the Left shoulder and when all of the previous peaks share a same support zone either static or dynamic.
đź”” Another note here is that the price has reached MA100 and is traded below, hence Bitcoin might proceed with further test MA200.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Bitcoin is about to complete the formation of the Head and Shoulders pattern, so I highly recommend you to keep an eye on a possible sell-off.
đź”” The neckline is at 11250, if the price drops below the neckline, then we might witness a drop down to $11 120 and probably $10 910.
đź”” See examples of the latest H&S pattern below and why I think BTC will drop soon enough.
1 October drop
1 September drop
đź”” Head and Shoulders pattern per se is a corrective pattern, and rarely signals a trend-reversal. The pattern when formed signals the exhaustion of bulls, especially when every bullish move is stopped lower the previous high and close to the levels of the Left shoulder and when all of the previous peaks share a same support zone either static or dynamic.
đź”” Another note here is that the price has reached MA100 and is traded below, hence Bitcoin might proceed with further test MA200.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
Nothing is true, everything is permitted.
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🤖 Get 20% fee cashback on CoinW with this link - coinw.com/frontweb/invitePublicity?r=azizelliott
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