$DOGS make Head&Shoulder Pattern? Bearish Signal???
The Head and Shoulders pattern is a key chart formation in crypto trading that helps predict price reversals. It looks like a peak (the head) between two smaller peaks (the shoulders). When the price drops below the support line drawn through the lows between the shoulders, it suggests the end of an uptrend and the start of a downtrend. Conversely, the Inverse Head and Shoulders pattern appears during a downtrend and signals a potential trend reversal to the upside. Traders use this pattern to gauge potential price movements and make better trading decisions. For it to be reliable, it's crucial to confirm the pattern with other indicators and volume. Overall, the Head and Shoulders pattern can be a valuable tool for anticipating market changes and adjusting strategies accordingly.
