BTC/USD head and shoulders pattern! The upper price is heavy.

26 Agu 2020BTC broke out of the long-aware rising parallel channel, temporarily dropping to $11,000. However, the price has stopped falling at the same price range that was clearly supported around August 3rd, and it is aiming for a rebound. The most recent line of consciousness is the horizon around $11,550. Since the short-term, medium-term and long-term moving averages (20MA, 50MA, 100MA) and the downtrend line are located here, considerable force is required to break out of the price range here. Moreover, such points are likely to be targeted by shorts, and it is expected that prices will fall again. The strategy is as follows.

[Entry]
Split entry from around $11,500.

[Stop Loss]
$11,600

[Take Profit]
The horizon at the latest low of $11,100 or $10,900


Since important lines are crowded near $11,550, it is possible to set a scenario for a fall, but if it goes out there, it is likely to lead to a large rise. In the long run, it may be on an upward trend, so if you pass the point set as the loss cut line, you should definitely cut it.