Anyone Noticed The Inverted Head & Shoulders Pattern?
Hey Guys and Girls,
Been quite a while since I posted something here, but I noticed what seemed to me like an Inverted Head & Shoulder formation a week or two ago, and the peculiar thing is that the Head touched my $6500 exactly on BTC/USDT chart. Incidentally, many traders were looking out for that $6500 level as a possible turning point (or a bottom) for BTC.
Looking at the time passed since that formation, the effect was immediate, so I have to conclude that it was indeed a Head and Shoulder formation (Inverted) we saw happening there. The long downward Wicks may have temporarily obscured the formation, but if we look closely, I don't think we can really ignore it.
Just wondering if anybody else also noticed it on their charts?
Would love to hear to your comments
Been quite a while since I posted something here, but I noticed what seemed to me like an Inverted Head & Shoulder formation a week or two ago, and the peculiar thing is that the Head touched my $6500 exactly on BTC/USDT chart. Incidentally, many traders were looking out for that $6500 level as a possible turning point (or a bottom) for BTC.
Looking at the time passed since that formation, the effect was immediate, so I have to conclude that it was indeed a Head and Shoulder formation (Inverted) we saw happening there. The long downward Wicks may have temporarily obscured the formation, but if we look closely, I don't think we can really ignore it.
Just wondering if anybody else also noticed it on their charts?
Would love to hear to your comments