BitcoinShort
BTCUSD 4H Head and Shoulers
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Seems to all I've been calling recently (particularly for BTC), but it seems to be the gift that keeps on giving.
BTCUSD 4 hour is showing a head and shoulders which would imply a proceeding bearish reversal. To compliment this we can also see our 9 MA is about to fall past the 26 MA which means current price is breaking down.
I would expect BTC to hit the pink line on the 1.618 fib to complete the final shoulder before we see any strong bearish movement.
To trade a head and shoulders correctly, you should ideally set your entry at the neckline to be safe and assure that this analysis is correct.
Like wise take profit should be roughly the distance between the neckline and the head to complete the head and shoulders pattern (Although I would look at historical support for a more exact number).
BTCUSD 4 hour is showing a head and shoulders which would imply a proceeding bearish reversal. To compliment this we can also see our 9 MA is about to fall past the 26 MA which means current price is breaking down.
I would expect BTC to hit the pink line on the 1.618 fib to complete the final shoulder before we see any strong bearish movement.
To trade a head and shoulders correctly, you should ideally set your entry at the neckline to be safe and assure that this analysis is correct.
Like wise take profit should be roughly the distance between the neckline and the head to complete the head and shoulders pattern (Although I would look at historical support for a more exact number).
Nota
Also disregard the ETCUSD chart here. Its not relevant, I just prefer to see the affects of BTC movements on alts.
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