Great Reverse Head and Shoulders here on the 4 hour chart.
Very Bullish Pattern
4 hour charts are the best for Crypto Currencies because they give us more pattern recognition than the Daily Chart and less volatile chaotic noise than the 60 minute charts.
A very classic bullish pattern.
If we break out above this 1160 area, which is also the trend line forming the neckline of the Head & Shoulders.
Our targets will be based on the Fibonacci retracements and extensions.
Target 1 (take 25% position) = 1268 / 61.8% retraacement
Target 2 (take 50% position) = 1500 / former all time highs
Target 3 (take 25% position) = 1913 / 161.8% Fibonacci Extension
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Berlin Trader
Very Bullish Pattern
4 hour charts are the best for Crypto Currencies because they give us more pattern recognition than the Daily Chart and less volatile chaotic noise than the 60 minute charts.
A very classic bullish pattern.
If we break out above this 1160 area, which is also the trend line forming the neckline of the Head & Shoulders.
Our targets will be based on the Fibonacci retracements and extensions.
Target 1 (take 25% position) = 1268 / 61.8% retraacement
Target 2 (take 50% position) = 1500 / former all time highs
Target 3 (take 25% position) = 1913 / 161.8% Fibonacci Extension
Support my work by following me!
Berlin Trader
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Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591