Sorry for the late notice, but I've only just seen the inverse head & shoulders pattern on Etherium versus the Dollar.
The neckline is sloping which generally leads to a better breakout performance. In addition, volume is decreasing which is also a good sign.
A measured move from the the breakout origin at Point (C) targets the $479 area - Point (D).
Use a STOP-LIMIT order and place stops below the RHS once an entry position is triggered.
Please give this trade idea a THUMBS UP and I will keep you updated!
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
The neckline is sloping which generally leads to a better breakout performance. In addition, volume is decreasing which is also a good sign.
A measured move from the the breakout origin at Point (C) targets the $479 area - Point (D).
Use a STOP-LIMIT order and place stops below the RHS once an entry position is triggered.
Please give this trade idea a THUMBS UP and I will keep you updated!
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Trade active:
Price has broken through the neckline aka Point (C)
Trade closed: stop reached:
False break of the neckline. Out of position. Re-test of lows near $435 could be on the cards - dependent on BTC
Comment:
While the initial Inv. H&S pattern failed, a false break indicates a move lower and a sell target can be projected from the point of failure. Switched to short and targeting $435.
