BTC target 7944 - Head & Shoulders pattern play
As you can see H&S pattern has emerged and has a target at $7944
tight stop loss below 7240
Major stop loss below 6850
However, BTC could still test the neckline at 7040 before heading up to the target - so do your math
tight stop loss below 7240
Major stop loss below 6850
However, BTC could still test the neckline at 7040 before heading up to the target - so do your math
Trade closed: stop reached
First stop 7240 reached and now we are looking to test the neckline 7040 as we mentioned before... we might bounce from there still our major support -stop loss is at 6850 if it breaks the pattern will be failed and BTC will retrace to the lows at $6000
Note
just to clarify the trade is not closed as still we have another stop loss to watchTrade closed: stop reached
Unfortunately, Major stop loss reached BTC short position is closed and made a loss we broke the neckline and looks like we are going to test the support $6400 -6000
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.