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Headandshouldersformation

TURBOUSDT - Time for a Retracement (SHORT)Hey Turbo traders! Turbo experienced a rapid surge within a single day and now it's time to analyze the next potential moves. Let's dive into the latest price action and what to expect next. Surge and Retest Rapid Surge: Turbo surged dramatically within one day, showcasing impressive bullish momentum. Retest of mOpen: After the surge, the price retested the mOpen, a key area of interest. Formation of a Head and Shoulders Pattern Head and Shoulders Pattern: It looks like Turbo is forming a Head and Shoulders pattern, a classic bearish reversal signal. Right Shoulder Formation: Now, we need to cool down and form the right shoulder of this pattern. Key Levels and Trading Strategy 1.) Short Trade Setup: Entry Point: We placed a short trade at the monthly open (mOpen) as it presents a great risk-to-reward (R:R ratio) Target Profit (TP): The TP for this short trade is the Fibonacci 0.382 level, around $0.0042. This level also coincides with a previous daily support level, making it a significant target. 2.) Support Area: Fib 0.382 Level: This level is where we expect the price to retrace and find support. 3.) Monitoring Volume and Price Action: Volume Trends: Monitor the volume closely. Decreasing volume during the retracement would support the formation of the right shoulder. Price Action: Watch for bullish signals and price action patterns that indicate a potential long trade opportunity after closing the short. Strategy: Executing the Short and Preparing for the Next Move Executing the Short: Enter the short trade at the monthly open with a TP at the Fib 0.382 level around $0.0042. Potential Long Trade: If we see bullish confirmation at the support area, it might be a good opportunity to open a new long trade. Keep an eye on the volume and price action for entry signals. What are your thoughts on this analysis? Are you in on the short trade and preparing for a long entry? Share your insights below!
Short
by SiDec
4
Bitcoin's Inverse Head & Shoulders Playing Out As ForecastedFive weeks ago I made my first analysis on this pattern where I argued that the dotted purple support was my ideal target for an inverse H&S reversal pattern. Once we were there it was a moment of truth for the bulls. My initial trade had a stop that was too tight. Nevertheless the overall idea was a success since we've now successfully reversed from my purple support area. The daily RSI hitting oversold for the first time in almost a year was a great entry signal for crypto as a whole. I'm expecting the bullish trend to continue at least for the next few weeks towards the top resistance (neckline) of the H&S. Keep in mind, the inverse H&S is not completed yet. Once we hit the neckline (and ideally break through it) we can see a new all-time high coming soon. Are you bullish or bearish? Share your thoughts.
Long
by FieryTrading
12
Bitcoin: Moment Of Truth For Bulls! Inverse Head & ShoulderTwo weeks ago I made an analysis where I discussed a potential short-term bearish view on Bitcoin's price, see below. I argued that if I were a bull, I'd wait for either a new all-time high break out or a sizeable correction before stepping in the market again. As seen on the chart, my purple support line is holding (for now!). A reversal from this area would make it a perfect inverse head & shoulders pattern, which is a bullish reversal pattern. To strengthen my short-term bullish view, Bitcoin's daily RSI has hit oversold for the first time since August 2023, 10 months ago! Patient bulls have been waiting for a long time for the RSI to hit oversold again on the daily. Whether it will be enough remains to be seen. However, I can clearly see that there's a great bullish short-term opportunity here. See signal on the chart. Be aware, it's a risky trade.
Long
by FieryTrading
18
Bitcoin Potentially Forming An Inverse Head & Shoulders: Dump?After yesterday's sell-off I started to wonder what would happen if BTC would fall again and how the price action would look like. If BTC were to go down again I'd look for a retest of the 61k-60k area (purple dotted line). This area has proven to offer strong support, and can be a stepping stone for an inverse head & shoulders pattern. Keep in mind that BTC going down to 60k is (in my eyes) less likely than making a new all-time high soon. The pattern has yet to be confirmed. However, if we go down you are prepared.
Short
by FieryTrading
15
Bitcoin Head and Shoulders dip to $60,500OKX:BTCUSDT has created a classic Head & Shoulders pattern on the daily timeframe. If it confirms below the neckline, we could see a pullback to $60,500 - the same distance from the peak of the Head to the neckline from the breakdown. This is not actionable until it confirms, when a candle closes lower than the first candle closing below the breakdown. Given the institutional interest and price manipulation, this could be turned around by market makers, so I won't be entering a short, or exiting my spot positions, until I see confirmation on the daily timeframe. However, I could also see those who manipulate the markets wanting a lower entry for large amounts of institutional capital - so the price could likely be manipulated either way. What the chart tells us is this is a big bearish signal to be monitored. There is also a Bearish Divergence on the RSI, which isn't actionable by itself, but does add a layer of confluence.
Short
by tokentradertv
1
🔥 Bitcoin Inverse Head & Shoulders! New All-Time High Soon 🚀Over the last week or so I've made a few posts on Bitcoin's inverse head & shoulders pattern, which is a bullish reversal pattern. In my initial post below I expected the reversal to come in earlier, but apparently we first had to go down more before the right shoulder was completed. As of now, the H&S pattern is confirmed (unless we dump in the next ~30 min). In my eyes, this could be the start of the next leg up towards the current all-time high, and likely beyond.
Long
by FieryTrading
5
🔥 Bitcoin Inverse Head & Shoulders: Back To All Time Highs!Bitcoin has been trading fairly neutral over the month or so. In the process, an inverse head & shoulders has been formed. This is classically a bullish reversal pattern. In my eyes, this could be the definitive pattern to shoot BTC back towards the ATH around 73.5k, potentially even making a new ATH. Note: the pattern has not been confirmed yet, so wait for the price to break through the neckline for the pattern to be confirmed. Share your thoughts 🙏
Long
by FieryTrading
9
🔥 Bitcoin Bearish Head & Shoulders Pattern: Time To Watch Out?Preface: I'm still bullish on the crypto market as a whole. I still think it's likely we're going to make new highs in the near future. This is a more short-term oriented trade and will only be activated under certain conditions. In this analysis I want to shed some light on a pattern that one of my commenters recently informed me about. Although it's not the best H&S pattern ever, it's still a valid pattern in my view, especially with the recent reversal from 68.000$. I'm going to wait for BTC to pierce through the dotted yellow support and retest the 61.500 area before considering a short entry. Target placed at 51.000, but will likely take partial profits around 57k. This reversal is in line with another analysis I made a couple of weeks back. BTC has entered a major area of resistance and could see a decent correction before moving back up.
Short
by FieryTrading
111