BTCUSD - Aluta Continua
An inverse H&S is looking to form with StochRSI almost down to 0. Volume profile supports the structure. To determine the upside target of an H&S: (i) calculate price difference, x, between 1st trough and the head of the structure, (ii) target is price at breach of baseline + x. Here we're looking at targets in the yellow zone, i.e. 8-8.5k, but my TP is currently set at $8385. Opening the trade at break of inverse H&S baseline (hoping for a rising volume profile with that), with SL at $6399 to avoid selling the wick if the lower low is merely a bearish fakeout below the iH&S head.
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