Head and Shoulders Formation

Jul 1, 2021

Hi traders,

BTC may form a head and shoulders formation, which is not completed yet. If it happens, the points are indicated in the chart. I expect a bounce from the LONG entry point and then a decrease to 31k's.

These entries are risky due to that there is no clear trend. It is on horizontal trend. So, my advice would be that if you take an entry, you should place your stop loss order at most 1% far away from the entry point.

Stay safe.

Jul 1, 2021

Trade closed manually

I closed my LONG position. The bounce volume is low. I expected big volume bar compared to others, and by the big volume bar, I was planning to keep my position until the short area.

Jul 1, 2021

Trade active

I closed 50% of my SHORT position at 2% profit and put a stop loss 1% above the entry so that I will make a profit in any kind of price movement.

Jul 1, 2021

Note

If the price will go into the red circle, I may take a SHORT with considerable amount of my wallet.

Note: In case of that situation, I will be checking the news, bitcoin dominans, usdt dominans, etc. After all is good, then I may SHORT. Anyways, I do not update if I take a position, due to high risk. Just wanted to let you know the price may create downtrend by the help of horizontal resistance area.

Jul 2, 2021

Trade active

FYI: I am gonna close my SHORT position in the grey area.

Jul 2, 2021

Trade closed manually

I know there are too much update :/

There are many touch to the trend line in short period of time. That makes me believe that the trend line gets weaker. So I just closed the position.