I bet you loved that title; nothing quite like the sweet smell of hope on a boxing day morning, is there? No, there is not. Well, maybe bacon sandwiches and coffee.
I see some positive signs here on the 4 hour BTC chart. I find the 4 hour chart is the sweet spot between the 1 hour and the 1 day. BUT it is just the 4 hour so it is still a short term look at things, although on the daily chart you can also see the inverse head & shoulders pattern.
Positive Signs
It looks like an inverse head & shoulders pattern has almost been made, this is bullish. The lines on the stochastic indicator has just crossed, which is also bullish. The MACD is considered neutral, but the histogram is changing positive. The RSI didn't make it to the bottom before it started to rise again. There's plenty of positive price volume support at $3790 and below (this is looking at price volume since mid 2017, another daily chart will be published about this)
Make of that what you will and any comments or discussion, fire away below. Peace.
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I instantly regretted the title of this post and was too late to change it. If I could, I would change it to: Head, shoulders (no knees or toes)
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Showing my lack of trendline knowledge here. I have since learned that a the price needs to hit the trendline at least three times in order for it to be considered a trendline; so that is NOT a trendline. Furthermore, it is not relatively long enough to be considered significant in that head and shoulders pattern. Live and learn, hey.