The famous BTCUSD SHS pattern.
The neckline has not been broken yet. It is around 6400. It is also possible for a move down to 5800 (bear trap), before a reversal.
But if we see a move below 5800, IMHO, that would be real bad and a confirmation of the breakout of the SHS pattern.
In the end, this is just a theory. Do your own research.
The neckline has not been broken yet. It is around 6400. It is also possible for a move down to 5800 (bear trap), before a reversal.
But if we see a move below 5800, IMHO, that would be real bad and a confirmation of the breakout of the SHS pattern.
In the end, this is just a theory. Do your own research.
Note
Btw. the chart is in log scale, and shows multiple points on the chart that touches the SHS necklineNote
Also notice:The downtrend line touches the SHS neckline at this point...might prove to be a good point for a possible reversal.
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.
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.