BTCUSD We've had one inv H&S yes, but what about second inv H&S?
TL:DR - Took profits at $7350 and will take more if price reaches $7730. Looking for completion of a second inverse H&S that could take price to 9k.
This is the BTCUSD chart with 1 Day candles. In my last chart I discussed the forming inverse Head and Shoulders formation which played out beautifully. Price quickly hit the conservative target of $7350 and then climbed even higher. It has not reached the aggressive price target of 7730...yet. If I were being aggressive I would hold until $7730 and then take profits however I am being more conservative and have booked profits at the $7350 level already.
I am aware the chart above is confusing and overly detailed but I want talk about a second inverse H&S that may be forming. The first inverse H&S that we have already had a price breakout from is shown in gold. In blue is a potential, even BIGGER, second inverse H&S that we may be completing the head of right now. If this second inverse H&S pattern materializes then my targets would be $8750 and $9100. Currently we are at least a week or two away from the completion of this second inverse H&S pattern, if it even materializes.
This second pattern is the reason I have shaved profits...I expect price to move back to $7000 where I will look to buy again.
On the pessimistic side, this is not a good time to buy. We face 2 or 3 areas of overhead resistance at $7550, $7730, and $7950-8k. Any fall to 7k or below and I am buying.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the BTCUSD chart with 1 Day candles. In my last chart I discussed the forming inverse Head and Shoulders formation which played out beautifully. Price quickly hit the conservative target of $7350 and then climbed even higher. It has not reached the aggressive price target of 7730...yet. If I were being aggressive I would hold until $7730 and then take profits however I am being more conservative and have booked profits at the $7350 level already.
I am aware the chart above is confusing and overly detailed but I want talk about a second inverse H&S that may be forming. The first inverse H&S that we have already had a price breakout from is shown in gold. In blue is a potential, even BIGGER, second inverse H&S that we may be completing the head of right now. If this second inverse H&S pattern materializes then my targets would be $8750 and $9100. Currently we are at least a week or two away from the completion of this second inverse H&S pattern, if it even materializes.
This second pattern is the reason I have shaved profits...I expect price to move back to $7000 where I will look to buy again.
On the pessimistic side, this is not a good time to buy. We face 2 or 3 areas of overhead resistance at $7550, $7730, and $7950-8k. Any fall to 7k or below and I am buying.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.