Potentially an interesting bullish inverse head and shoulders pattern emerging on the $BTCUSD weekly chart. Within a more macro ascending channel, the most recent candles have formed a left shoulder, head, and are starting to form the right. With the price currently testing the 20 and 50 VWAP, we may get a bounce. However, if it does fail, we still can rely on support from the 72 to 89 EMA cloud (red cloud) for a price bounce given its most recent history with respecting and creating a price support shelf (see right hand VPVR). MACD has also crossed and the RSI is getting compressed with upside bias.
I'm thinking some big moves are about to come in $BTC and that it will rally hard to the upside. Long.
I'm thinking some big moves are about to come in $BTC and that it will rally hard to the upside. Long.
Comment:
Last chance on the weekly to recover here (IMO). Needs to rebound on 72/89 EMA cloud. Fortunately, there is a large volume shelf to break through but if there was heavy selling or liquidation, we could flush that easily. Cautious here.
Comment:
Sloppy and too tight on the right shoulder but maybe? Could bounce off that 72/89 EMA cloud... Bullish conviction would also look to the volume shelves on the right and note that it would be hard to break. Would need a lot of sell volume to go much lower.
We shall see!
We shall see!
Comment:
The dream... right should slowly forming off that 72/89 EMA. The chart drawing itself is a little off on width/depth but this could still pan out...
Comment:
Another test here. On the daily, price needs to clear above 20 & 50 VWAP. Ideally, we the price closes the week above $44.6k. Just watching and waiting at this point.
See my bear case scenario for the worst-case scenario.