inverse head and shoulder on btc
Head and Shoulders:
Btc looks to be using the neckline as a hard resistance level, a break of that resistance level could mean massive upside potential.
Trade analysis:
If I were to enter a trade upon this pattern I'd enter on a close of a candlestick body above the neck line between 40,000 and 40,100. My stop loss would be set just below the neck line at 39,850. I'd ride the trade out and pull out half of my position around 42,500 and see where price action goes from there and then bring my new stop loss up to 41k.
Btc looks to be using the neckline as a hard resistance level, a break of that resistance level could mean massive upside potential.
Trade analysis:
If I were to enter a trade upon this pattern I'd enter on a close of a candlestick body above the neck line between 40,000 and 40,100. My stop loss would be set just below the neck line at 39,850. I'd ride the trade out and pull out half of my position around 42,500 and see where price action goes from there and then bring my new stop loss up to 41k.
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