BTCUSD We've had one inv H&S yes, but what about second inv H&S?
TL:DR - Took profits at $7350 and will take more if price reaches $7730. Looking for completion of a second inverse H&S that could take price to $9k.
This is the BTCUSD chart with 1 Day candles. In my last chart I discussed the forming inverse Head and Shoulders formation which played out beautifully. Price quickly hit the conservative target of $7350 and then climbed even higher. It has not reached the aggressive price target of $7730...yet. If I were being aggressive I would hold until $7730 and then take profits however I am being more conservative and have booked profits at the $7350 level already.
I am aware the chart above is confusing and overly detailed but I want talk about a second inverse H&S that may be forming. The first inverse H&S that we have already had a price breakout from is shown in gold. In blue is a potential, even BIGGER, second inverse H&S that we may be completing the head of right now. If this second inverse H&S pattern materializes then my targets would be $8750 and $9100. Currently we are at least a week or two away from the completion of this second inverse H&S pattern, if it even materializes.
This second pattern is the reason I have shaved profits...I expect price to move back to $7000 where I will look to buy again.
On the pessimistic side, this is not a good time to buy. We face 2 or 3 areas of overhead resistance at $7550, $7730, and $7950-$8k. Any fall to $7k or below and I am buying.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the BTCUSD chart with 1 Day candles. In my last chart I discussed the forming inverse Head and Shoulders formation which played out beautifully. Price quickly hit the conservative target of $7350 and then climbed even higher. It has not reached the aggressive price target of $7730...yet. If I were being aggressive I would hold until $7730 and then take profits however I am being more conservative and have booked profits at the $7350 level already.
I am aware the chart above is confusing and overly detailed but I want talk about a second inverse H&S that may be forming. The first inverse H&S that we have already had a price breakout from is shown in gold. In blue is a potential, even BIGGER, second inverse H&S that we may be completing the head of right now. If this second inverse H&S pattern materializes then my targets would be $8750 and $9100. Currently we are at least a week or two away from the completion of this second inverse H&S pattern, if it even materializes.
This second pattern is the reason I have shaved profits...I expect price to move back to $7000 where I will look to buy again.
On the pessimistic side, this is not a good time to buy. We face 2 or 3 areas of overhead resistance at $7550, $7730, and $7950-$8k. Any fall to $7k or below and I am buying.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***