Get started
team_USA

Bitcoin potential inverse head & shoulders - target $5442

Long
Bitcoin (BITSTAMP:BTCUSD)  
team_USA Updated   
BITSTAMP:BTCUSD   Bitcoin
Support and Resistance Head and Shoulders BTCUSD BTCUSDT Bitcoin (Cryptocurrency)
5
0
supportandresistance headandshoulders btcusd btcusdt bitcoin
BTCUSD is showing a potential inverse head and shoulders here, which is a major reversal pattern. It looks like the right shoulder may still be forming, but it also looks like it could have already broken out of the neckline. So, we may see a retest of the neckline, but if it breaks out of the neckline, the target level is $5.4k

Shorts still haven't been squeezed much, which could easily support this move.

Trade at your own risk.
Comment:
snapshot
Update: bottom of the right shoulder should be right here (coincides with an ultra long term trendline).
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.