BTC Inverse Head and Shoulders broken?

26 May 2021

Looks like the neckline of an inverse head and shoulders has broken on the 4H chart passing the lowest point (neckline) of the formation.

The target when head and shoulders breaks is the distance between the head and the low of the formation (measured using the yellow bars) added to the neckline (pasted the yellow bars on top).

That puts the target just below 50k.

For a more conservative approach consider taking a profit or partial profit below the 200 EMA (blue line) where some resistance might be met.

Whats not to like? 1) I trust these more on 1 day charts than 4H charts 2) tweets ignore patterns 3) Head and shoulders doesn't always play out.