1hr inverse h&s reaches 1 pip below target; 1hr C&H now forming?

2019年10月27日

We can see here on the 2hr chart that btc confirmed the breakout of the 1hr inverse head & shoulder pattern climbing to just a pip below the measured move breakout target. By retracing at this exact point it has subsequently formed a perfectly level rimline as well as a text book perfectly rounded cup putting into play a cup and handle pattern on the 1hr chart...We are now watching for a slight pullback for the handle to form and price action to then break above the rimline and then continue to our next/new bullish breakout target of the c&h of 10751... i'll be taking some profit closing my long for a chance to reopen more safely once i have confirmation the cup & handle is going to play out because along with forming such a level rimline we also put the possibility of a double top in play until the price action climbs above the rimline. . . overall probability favors the bullish outcome considering we also recently broke upward from a bull flag which should have a target of 12013 or so which even if we fall short of by a few pips should absolutely hit the 1hr inv h&s & c&h targets.

2019年10月27日

註釋

1 thing i'd like to add here is that based on the price action just before the left peak of the potential double top (at 9819)we can see that it was not heading upward prior to the left peak which greatly reduces the probability of a double top thereby increasing the probability of a c&h.