BTCUSD 1h Inverse Head & Shoulders (2R Potential)
The inverse head and shoulders reversal pattern.
We have what looks like the formation of the left shoulder and head with a down-sloping neckline. We have something to reverse, a 70% correction and strong bearish downtrend.
A successful right shoulder formation is when price does not fall below the left shoulders low which is where our stop will be. I do not want to see the price linger under the neckline to create a drawn out right shoulder.
Waiting for the price to break over the neckline to confirm intent of a reversal where the entry is.
Volume has declined from the left shoulder to the right. Also looking for signs of a buy side volume breakout igniting an upwards trend.
The profit target is a conservative measure of the head to the neckline with a 2R return.
This is an hourly timeframe therefore it is not as strong a signal as say a daily, weekly or monthly. However entries should not be taken until we are over that down-sloping neckline.
We have what looks like the formation of the left shoulder and head with a down-sloping neckline. We have something to reverse, a 70% correction and strong bearish downtrend.
A successful right shoulder formation is when price does not fall below the left shoulders low which is where our stop will be. I do not want to see the price linger under the neckline to create a drawn out right shoulder.
Waiting for the price to break over the neckline to confirm intent of a reversal where the entry is.
Volume has declined from the left shoulder to the right. Also looking for signs of a buy side volume breakout igniting an upwards trend.
The profit target is a conservative measure of the head to the neckline with a 2R return.
This is an hourly timeframe therefore it is not as strong a signal as say a daily, weekly or monthly. However entries should not be taken until we are over that down-sloping neckline.
Transaction en cours
Neckline Breakout Trade in play.Target $12,250 for 2R
Note
Looking for $9,000 to become the new support.
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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.