BTCUSD

PAIR:BTCUSD
Possible price trend and price targets.
A short price analysis on BTCUSD, in which two different chart pattern will be used to determine the price trend and possible price targets.
The bearish hidden divergence and the Complex Head-and-Shoulders Bottom.
THE COMPLEX HEAD-and-SHOULDERS BOTTOM
BTCUSD chart is gradually forming an Complex Head-and-Shoulders Bottom pattern, with the last shoulder expected to form, price should move down to test a low price of 6400usd down to 6200usd(between 0.618 and 0.5 fibonacci retracement levels).
This should complete the right shoulder.Traders A complex head-and-shoulders bottom is a chart pattern that looks like an inverted head-and-shoulders but with multiple heads, multiple shoulders, or sometimes both. The break even failure rate is low
PREVIOUS MARKET PERFORMANCE:
Break even failure rate: 4%
Average rise: 39%
Throwback rate: 63%
Percentage meeting price target: 74%
TARDERS GUIDELINES:
Price trend Downward leading to the pattern.
The Shape looks like a head-and-shoulders bottom with multiple shoulders or multiple heads but rarely both.
The shoulders should bottom near the same price, be nearly the same distance from the head, and look similar to their mirror opposite.
Volume trend Usually higher on the left side of the pattern. Trends downward 65% of the time.
Neckline Joins the highest armpits.
The pattern confirms as a valid one when price closes above a down-sloping trendline or above the right armpit when the neckline slopes upward.
The right shoulder drop down to those targets given, which are between the 0.618 and 0.5fibonacci retracement levels(6400usd down to 6200usd respectively)
Lastly, THE BEARISH HIDDEN DIV.
Bearish hidden divergence occurs when price makes a lower-highs but the indicator forms higher-highs. The two data streams diverge in direction. Price will eventually, usually, follow the indicator lower, this should inversely make the right shoulder comeplete as shown below:


MARKET SUGGESTION:
The right shoulder drop down to those targets given, which are between the 0.618 and 0.5fibonacci retracement levels(6400usd down to 6200usd respectively)
VERDICT:
BUY:6400USD down to 6200USD
SELL:7000usd up to 8000usd
STOP LOSS:5700usd

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

$COV HODL