BTC - Head and Shoulders - Target Update

This is an update to the linked weekly head and shoulders analysis.

I previously thought that the projected price target from the head (blue price measurement) was too extreme. However this makes sense when considering that this could be reached at the next fib time zone (purple), which places the target at the green star.

Trade attivo:

Short Entry: 10664
Stop Loss 11014
Target 5561
R:R: 14

Commento:

Head and shoulders pattern is still valid, but it now looks likely that there will be another return move to retest the resistance at the neckline in ~3 weeks
I will close the position at 9851 and flip the position to long as follows:
Entry: 9851
Stop: 9299
Target: 11987
R:R: 3.8

Commento:

Commento:

Trade chiuso manualmente:

Another touch of the neckline appears likely which would penetrate the stop loss. Price may drop beforehand but I'm chosing to break even by closing now since the rationale behind the position is now undermined.