In this morning's KickStart PRO Morning Session, we found a great example of what could turn out to be a 'textbook' Head & Shoulders pattern.
The reason this is still just a potential Head & Shoulders, however, and not yet confirmed, is because, while we DO have the Left Shoulder (LS), the Head, and a clearly defined neckline, we do not yet have a definitely...
XPTUSD (PLATNIUM) Possible Head and Shoulders Reversal Pattern
Long Period Of Consolidation
Wait for a break of this current consolidation and enter at the Head which is at 910.00 or wait for the confirmation of the Right Shoulder
Patience , let's see what price does
DAILY/4HR Inverse Head and Shoulders Top formed.
(Head and shoulders top after a
bearish move, signalling continuation.)
Right shoulder formed, and crossed neckline,
meaning we missed the breakout entry, however,
since I have a strong enough CTS score I am looking
for a pullback final chance entry.
CTS Scored as follows -
Neckline Break - 1 Point
This is the first analysis I've posted, I'm still quite new to this. Id love to know your thoughts and areas I could improve.
When looking at the daily chart you can see this pair has been trending down since 2014, with the trend line holding strong.
Now looking at the 30m chart I can see a head and shoulders which has formed and created a strong support...
It will be interesting to see which direction this pair takes overnight and into the morning.
I will be placing several SELL orders if the price dips below the neckline
Price may either:
a) continue climbing to left shoulder height,
then begin a bearish trend
b) reach neck line, begin bearish trend
c) Begin bearish trend, fall below neckline,
Head and Shoulders forming on the 1H after bitcoin got stopped at the 10450 level which is the 0.786 fibo taken from 10604 high to 9880 low( range we were downdtrending for the past few days as seen on the chart )
That will bring us back on the upper side of the descending wedge formation we broke out to the upside yesterday - green curved line
On Jul 9th price broke below the neckline. Yesterday retested the neckline and was rejected lower today after a results announcement.
The 200 EMA is sloping down and price is below the 200 EMA.
All in all #bearish