Hi Guys,
BTC is forming Head and Shoulders along Descending Channel. It is confirmed that price moved with heavy volume on left shoulder and head formation.
Trade: When the price closes below the neckline, a potential short trade is signaled. Short one tick below the breakdown bar's low.
Target: Vertical distance between the "apex" of the "Head and Shoulders" pattern and the neckline. The target is set below this distance from the neckline.
Stop: After a trade entry, if the price closes above the neckline, a potential failure of the pattern is signaled. There are two possible targets which are 35K and 31K.
Good Luck
BTC is forming Head and Shoulders along Descending Channel. It is confirmed that price moved with heavy volume on left shoulder and head formation.
Trade: When the price closes below the neckline, a potential short trade is signaled. Short one tick below the breakdown bar's low.
Target: Vertical distance between the "apex" of the "Head and Shoulders" pattern and the neckline. The target is set below this distance from the neckline.
Stop: After a trade entry, if the price closes above the neckline, a potential failure of the pattern is signaled. There are two possible targets which are 35K and 31K.
Good Luck