BTCUSD is potentially building an inverted H&S pattern
Stops to watch out for at: a - 9500 direct shot (aligned with SEPT-NOV lows trend - red dotted) b - 7800 correction c - neckline retest + confirmation? d - technical H&S target 12300 c - failure here (aligned with Dec-17 and Jan-6 downtrend - bold blue) e - bear market
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UPDATE:
Further trying to build iH&S, on weaker tension
Target on confirmation remains the same - ^c - downtrand resistance from Dec-17 and Jan-6
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UPDATE ADDITION:
Currently stopping at the important 200 daily EMA (purple curve). A break up would add even more credence to our view.
WHILE on the macro view being cautious - the 200 EMA first time since long time getting bearish direction! Which adds strong to all stop at 12.5k's target resistance.
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UPDATE:
First closings above 200D EMA. Two hourly tests of the neckline and rebounce from EMA.
Party call near ...
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UPDATE:
Rejection of the neckline. Retest of the broken January downtrend resistance.
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UPDATE: PATTERN CONFIRM
Confirmation of the neckline.
Next repetition targets in the 9500-9600s. Next resistances in the 10100-10250s and 11800-12200s. New support in the 8750s.
WHILE: further the whole MACRO view looks BEARISH until a convincing 12-14k upbreak!