The reversal pattern Head and Shoulders was formed successfully with a strong price rejection when it re-tested on the uptrend-neckline around 28k, which is the greatest entry point for a swing short position.
Although the best swing short opportunity for shorts have been missed, opportunities for shorts are still there. Follow short when the price breaks below strong support zone at 26550
Plans:
- Follow short if price close below 26550
- Stop Loss if the price rise above 26550 after a false break
- Take Profit at 25250 and 23850 respectively
If a false break occur in the opposite direction (reversal to uptrend), this would be a great Long entry with a target to TP at 28k
Although the best swing short opportunity for shorts have been missed, opportunities for shorts are still there. Follow short when the price breaks below strong support zone at 26550
Plans:
- Follow short if price close below 26550
- Stop Loss if the price rise above 26550 after a false break
- Take Profit at 25250 and 23850 respectively
If a false break occur in the opposite direction (reversal to uptrend), this would be a great Long entry with a target to TP at 28k
