Technical analysis by BallaJi about Symbol BTC: Buy recommendation (12/8/2024)

One of the frequent topics of discussion revolves around the legitimacy of this pattern. There’s a widespread misunderstanding about the continuation type of the Head and Shoulders (H&S) pattern.Indeed, it is a valid and dependable chart pattern.Let’s explore this often-recognized chart pattern in more detail.The Head and Shoulders chart pattern can manifest as a continuation on price charts. In an uptrend, a continuation H&S will closely resemble a H&S bottom, while in a downtrend, it will look like an inverse H&S. The implications and interpretations of a continuation H&S are generally consistent with those of reversal patterns. Price targets can be established in the same manner as they are for reversal patterns.When a head and shoulders continuation forms during an uptrend, it typically breaks out to new highs once the pattern is completed. Breakouts to all-time highs from bullish continuation patterns are often reliable and robust.Edwards and Magee highlighted the H&S continuation in their book, "Technical Analysis of Stock Trends," back in the 1930s. The pattern remains largely unchanged in today’s price charts.the monthly chart is sending us a warning for #BTC v #GOLD