Bitcoin looks like it may have formed a head and shoulders pattern. The 'right shoulder' seems to have formed already so it may be a good time to enter a short position setting the stop loss at the 'head' price level at around $64,782 and a take profit at around the $62,000 region.
The take profit level is calculated by taking the price difference between the 'Head' and the 'neckline' (= $1907) and subtracting this from the top of the 'right shoulder' ($64,000 - $1907 = $62,093). This is a conservative target that is usually hit. For a more aggressive target, subtract this difference from the 'neckline' ($63,050 - $1907 = $61,143).
The take profit level is calculated by taking the price difference between the 'Head' and the 'neckline' (= $1907) and subtracting this from the top of the 'right shoulder' ($64,000 - $1907 = $62,093). This is a conservative target that is usually hit. For a more aggressive target, subtract this difference from the 'neckline' ($63,050 - $1907 = $61,143).
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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.