BTC Regular and Inverse Head and Shoulder
My Trading Plan and Analysis for this chart & trade:
A). My Long position entry will be triggered if the price hits the wave2 618 position as also the Right shoulder for the Inverted Head N Shoulder + Trendline Support.
B). My Short position entry will open after my Long position is invalidated terminating the rule#1 . will add short position every pullback or retest on the high timeframe trendline.
Verdict: My bearish complex correction was already completed and the current Higher High structure is a sign of reversal. with a possible regular head and shoulder pattern with wave 4 and wave A zigzag as the neckline and a larger inverted Head and Shoulder pattern with the right shoulder and the last touch of the high timeframe trendline as long position setup. Else, if invalidated, will proceed to a short position with a new bearish count maybe till $20,000 BTC price.
A). My Long position entry will be triggered if the price hits the wave2 618 position as also the Right shoulder for the Inverted Head N Shoulder + Trendline Support.
B). My Short position entry will open after my Long position is invalidated terminating the rule#1 . will add short position every pullback or retest on the high timeframe trendline.
Verdict: My bearish complex correction was already completed and the current Higher High structure is a sign of reversal. with a possible regular head and shoulder pattern with wave 4 and wave A zigzag as the neckline and a larger inverted Head and Shoulder pattern with the right shoulder and the last touch of the high timeframe trendline as long position setup. Else, if invalidated, will proceed to a short position with a new bearish count maybe till $20,000 BTC price.