Head and Shoulders to Bear Flag
Currently,
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around 37k, then breaks
42K, head and shoulders will be complete and the price target would be around 48k.
That movement forms a really clean bear flag. The target of that bear flag is low as 16k, however:
- There is 20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around 20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
- There is an Inverse Head and Shoulders pattern forming on the 4 hours chart.
- There is strong resistance at $41-43k
If it bounces down to around 37k, then breaks
42K, head and shoulders will be complete and the price target would be around 48k.That movement forms a really clean bear flag. The target of that bear flag is low as 16k, however:
- There is 20k support from the 2017 ATH.
- There is a trend line from the March 2020 dip.
Combining all these, a dump to around 20k seems possible to me.
I'm an amateur trader, please don't trade this. Also please correct my mistakes, I'm just practicing and learning.
Note
Update: It did a bearish H&S instead but it doesn't change the price target because the flag pole is the same.
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.