Short

Bitcoin - Head & Shoulder Formation

Updated

Currency Pair: BTC.USD
Time Frame: Daily, 4hr & 1hr
Predicted Direction: Short ( Breakout Permitted )

Live BTC.USD updates will be available in the comments section below.

The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.

Note

When identifying formations ( In this case a H&S ) use your own historical data to produce your potential future outcome.

There is no right or wrong way of using the EMA or Fibonacci tool etc, as long as the trader has identified historically that it will yield them a return then everyone is happy.

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A breakout has now been confirmed.

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Should you be short i would now look to adjust your stop loss.
Please note it will all depend on your broker, spreads etc whether it is viable to adjust your SL.

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I hope everyone was able to take advantage, keep an eye on the daily TF for deceleration on the approach to a historical ascending trendline.

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Price is now forming a nice low-test reversal candle ( not yet confirmed ) at the daily ascending trendline.
Given current structure there may be a long opportunity available in the coming day / days.

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Trade the next impulse.

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Key levels to watch into this week.

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UnknownUnicorn180388

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