What? ETH broke below 2380, hurry and short it, didn't it just break down and then bounce back up?
Fake move, increase short position
What's going on, such a strong bounce, I'm going to get liquidated, help 🆘
Many people are being repeatedly squeezed in the back and forth consolidation zone, unable to understand the trend. But if you turn the whole market upside down and take a look, can't you find that now in the range of 2380-2500, there is a head and shoulders bottom pattern at the hourly level.
🔻What is a head and shoulders bottom?
The head and shoulders bottom is a typical trend reversal pattern, occurring in the final stages of a downtrend, representing a bullish formation. The pattern consists of the left shoulder, bottom, right shoulder, and the neckline. The successful construction of the head and shoulders bottom pattern is marked by an effective breakout of the neckline.
Characteristics of the head and shoulders bottom pattern:
Left shoulder: The price rebounds after falling, forming the first low point.
Head: The price falls again, forming a lower low than the left shoulder.
Right shoulder: The price rebounds and falls again, but does not break below the head's low point. Neckline: A horizontal or sloping line formed by connecting the rebound highs of the left and right shoulders.
Sometimes, if you can't understand the market, just turn the whole market upside down. Doesn't it become clear?
The strategy remains to short high. For those brothers who didn't enter short positions near 2500, don't worry. Continue to wait patiently, and when the position is right, go in boldly.