Here the 30 minute chart of Bitcoin. Bitcoin is still trapped between 51724 and 60703 USD but we now have formed 3 active inverted head and shoulder formations. Interesting to see how that develops.
These patterns have as targets 61500, 65000 and 68700.
Look at my previous Bitcoin analysis for important support and resistance levels.
This is my personal take on Bitcoin and not investment advice. Always do your own research before trading and apply stops and money management fro safeguarding your capital!
Komentarz
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A premature re-test of the small head and shoulders formation! Volume is helping with this break trough the neckline!
Komentarz
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Traders Bitcoin touched the neckline of the bigger inverted H-S formations. Keep a close eye on it and verify volume when it breaks above the line.
Komentarz
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Traders if Bitcoin is not following the inverted Head and shoulders as on this chart and goes down that will almost sure trigger a downwave. Please check my important levels post on Bitcoin. You see also the very important bigger time frame head and shoulders in BTC. IT could happen easely! Use stops traders! Happy trading!
Komentarz
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Click on the chart for the actual situation of Bitcoin head and shoulders longer term view!
Komentarz
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Traders if the neckline of the inverted H-S patterns will not be broken than we will probably see a counter move down. As you probably know, failed H-S patterns are perfect to trade as well as the H-S patters which do not fail and work as expected.
it's bleeding very low volume,if drop to 20k it's promised
Ether2020
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@ali_1673, Yes my dear friend. We need confirmation how to continue. Which patterns will play out. Between 52000 and 60000 we can not do much. Above 60000 we see probably the old top and only after a breakout of the ATH and a re-test we can buy much more secure. When breaking down 52000 we get a whole new scenario.
Volume is key always. Thanks for your comment!
do you have a stop loss/ take profit for this trade?
Ether2020
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@ash_act1ve, It depends which inverted head and shoulders you want to trade. If it is the green one, a stop below the right shoulder. Use the 1% risk money management rule. Target / Stop and you can calculate how much you need to buy and not losing more than 1%.
Use the search function in indicators and you find several scripts which you can use or with an Excel spreadsheet works also perfect!
Happy trading!