It looks like BTC might be forming an inverse head & shoulders
A reversal here could form the right shoulders
in that case we have to wait for a break of the neckline, which would give us confirmation that the inverse H&S is in play
Target as shown in the graph
If we go a little more into detail we can spot a short term high velocity decline leading to the pattern, which results in the best post breakout performance
The volume is also highest on the left shoulder followed by the head and trends downward which is a typical feature of the inverte H&S
Lets wait and see.
A reversal here could form the right shoulders
in that case we have to wait for a break of the neckline, which would give us confirmation that the inverse H&S is in play
Target as shown in the graph
If we go a little more into detail we can spot a short term high velocity decline leading to the pattern, which results in the best post breakout performance
The volume is also highest on the left shoulder followed by the head and trends downward which is a typical feature of the inverte H&S
Lets wait and see.
Trade active:
We had a nice breakout and our buy order got triggered
Comment:
I took some profit here
Trade closed: target reached