praveensam001
Long

Bitcoin (BTC) Update 21-May-19

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hi all

Good day! In my previous post, I mentioned Head & Shoulders Pattern was forming. But the pattern was invalidated by breaking the shoulder line.

Now we are forming the "Inverse Head & Shoulders Pattern" in the chart. The neck line should be broken to confirm the pattern.

As you can see in the chart, the head and shoulders top is used to predict reversals in downtrends. This pattern is identified when the price forms left shoulder, head and right shoulder inverted with a neck line connecting the head and the shoulders . The target is equivalent to the height of the head from the neck line.

With this, we can project the target price 9640 for the bitcoin parabolic move, which will be followed by huge correction.

Hope you find this useful.

Follow me here, for more updates.
~RPS~
Comment: Neck Line broken; Sell Target 1 is about to reach.
Trade active: Sell Target 1 reached.
Comment: Breaking Neck Line (Two Candles Close below Neck Line) will end this trade without reaching Sell Target 2.
Trade closed: target reached: Neck Line broken; Sell Target 2 will not reach.
Comment: The neck line is broken; But Stop Loss has not yet reached. This will have some chance for the trend continuation. This trade continuation is tracked in my recent posts.
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