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Monday, May 24, 2021

Bitcoin Analysis complete ! Inverse Head&Shoulders

Bitcoin Analysis complete ! Inverse Head&Shoulders

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

A little insight on the Inverse head and Shoulders

An inverse head and shoulders , also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends. This pattern is identified when the price action of a security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs.

I call a short short (a short sell)

And as always for bitcoin:
Stop Loss = 500 pips
Take profit = 5000 pips

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