BTS/USD Head And Shoulders Pattern Analysis update and Tutorial Feb 3rd 2018
What is a Head And Shoulders Pattern?
Head and shoulders pattern in technical analysis, shows a chart formation that predicts a bullish-to-bearish trend reversal.
The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
The analysis and tutorial is based on current price action on Bitshares versus US Dollar trade dated 3rd Feb 2018 (BTS/USD)
From the chart above, two heads and shoulders were formed in the 4 hour time frame chart which gives a prediction of a bearish trend reversal. An inverse head and shoulder gives an indication on of a bullish trend reversal
The first head and shoulder formation took the price of Bitshares from $0.80 down to $0.55
The second head and shoulders took the price from $0.55 to $0.28.
Bitshares currently trading at $0.32. trading above my initial buy signal in my previous post.
Your Comments and questions are highly welcomed
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Hi Trizle. Just to be clear are you suggesting an uptrend or a down trend equal to the height of the head to neck?
the price is expected to bounce off back to the neck line which could pose as a resistance level
I believe on the project of BTS easy go to go up
So, now its time to add some more ? Thanks @trizle! Very helpful and informative... 👍
yes, its time to add more BTS as its expected to go up
very well in depth i love it.
More topics would be released. Dont forget to resteem. Thanks