Apart from the obvious slanted Inverse Head and Shoulders pattern (I prefer upward-slanted-neckline inverse H&S as printing higher highs indicate strength),
BCHUSDT
looks ready to take off - under some conditions.
I have a personal rule I go buy that goes like "Every Change of Character is an inducement to trap traders unless proven otherwise".
We have broken out of the slanted Inverted H&S and broke the previous high (between the head and the right shoulder) which would count as a Change of Character (keep in mind the rule I have mentioned above).
In order to avoid falling into the trap of inducement, we should wait for the price to go a bit higher to confirm a more solid ChoCh, then wait for the price to retrace back and bounce up off a demand zone / OB+ (and possibly successfully retesting the Inv. H&S neckline) making a higher low and going all the way up to break the high that caused the Change of Character, thus confirming the flip in trend.
I do not have any specific targets, I have been holding
BCH
for a while and I am in it for the long run but the golden pocket of Fibonacci retracements is a decent area to book some profit (or all of it).
🚨 Always manage your risk and use adequate position size.
BCHUSDT
looks ready to take off - under some conditions. I have a personal rule I go buy that goes like "Every Change of Character is an inducement to trap traders unless proven otherwise".
We have broken out of the slanted Inverted H&S and broke the previous high (between the head and the right shoulder) which would count as a Change of Character (keep in mind the rule I have mentioned above).
In order to avoid falling into the trap of inducement, we should wait for the price to go a bit higher to confirm a more solid ChoCh, then wait for the price to retrace back and bounce up off a demand zone / OB+ (and possibly successfully retesting the Inv. H&S neckline) making a higher low and going all the way up to break the high that caused the Change of Character, thus confirming the flip in trend.
I do not have any specific targets, I have been holding
BCH
for a while and I am in it for the long run but the golden pocket of Fibonacci retracements is a decent area to book some profit (or all of it). 🚨 Always manage your risk and use adequate position size.