THE INVERTED HEAD&SHOULDERS
Most used chart pattern by traders,and also a reliable chart pattern.The head and shoulders pattern works as a reversal pattern that signals the end of a downtrend. As the price progresses downward, it hits a low point and then pulls back to the upside.
PREVIOUS MARKET RESULT PERFORMANCE:
Break even failure rate: 3%
Average rise: 38%
Throwback rate: 45%
Percentage meeting price target: 74%
Price trend Downward leading to the pattern.
Shape looks like a 3-valley pattern with the middle valley below the others. The pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow).
The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes upward.
Technicals suggests that price is at the near high of the neckline. Has completed the left shoulder and the head, remaining the right shoulder.
Respected zone for the completion of this right shoulder if price pulls back down is between 0.5 and 0.236fibonacci retracement level.
With a quick flip of the TK crossing and a new high of the flat cloud.
BUY:0.00001590sats( or buy at the current price and hold)
EXCHANGE: binnance.com or bittrex.com
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.