MagicPoopCannon

Inverted Head And Shoulders Building in Bitcoin (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin appears to be forming an inverted head and shoulders pattern. The dotted trendline is the neckline of the formation. A breakout above there, is likely to send BTC toward the 50 EMA on the daily chart , near $5,000. Sorry for the brief chart. I'm currently on the go.

This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Comment: Here's a better look at the structure I was trying to post about. It actually looks now, as if it isn't going to play out as an inverse head and shoulders. You can see that we're about to break below the orange moving average. A sustained break below there will likely negate an inverse head and shoulders.


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.