2023-05-09 11:54:09
https://www.tradingview.com/x/KRlollhK/
The infamous "head and shoulders".
Careful falling for this one at the neckline.
The way you'd properly play this is actually the 2nd shoulder (HL) or the underside retest imo. Everything else is a bait.
If you're shorting RIGHT NOW, at $27.5K or whatever the low was, you're essentially shorting support (neckline). It can work out but generally speaking, it's not a play that I'd recommend.
The general idea for H&S is to play a short, and I don't disagree with that. Most people just don't execute the entry zone properly so they end up being cannon fodder for neckline shenanigans.
In this case, I short at $27.8-28K is much better just cause you'd be able to define your stop (reclaim of $28K).
@Crypto_Signal_Leaks
1.9K views08:54
