Perfect Inverse head and shoulders complete. Now for the Encore!
Hola senoirs! bonsoir monsieurs! A perfect inverse head and shoulders is complete but we need a lot of juice to propel us over resistance at $11,500. Good news is abound with Segwit and some major players of finance investing into crypto infrastructure, this could be just the headwinds we need for smooth sailing.
So the textbook inverse head and shoulders ends with a breakout, however as we know crypto doesn't like to play by the rules. So I marked what I see as two likely channels leading to resistance and support.
The Green upward trendline leading to resistance @$11,500 (Ending with the BTC symbol on the chart.) And conversely the downward trend line (Leading to the downarrow symbol on the chart.) where it means heavy support @$9,500. Yar its all about triangles.
At this moment it seems the market is holding its breath, volume is really low and price is surprisingly stable. -, still I believe we need more confirmation to call a breakout.
In fact I think we are going to take the low road :D and visit support @$9500 to consolidate further.
This is not financial advise! This is just the ramblings of a rookie chart pirate who's coffee addled brain is desperately trying to make sense of this ocean of data.
So the textbook inverse head and shoulders ends with a breakout, however as we know crypto doesn't like to play by the rules. So I marked what I see as two likely channels leading to resistance and support.
The Green upward trendline leading to resistance @$11,500 (Ending with the BTC symbol on the chart.) And conversely the downward trend line (Leading to the downarrow symbol on the chart.) where it means heavy support @$9,500. Yar its all about triangles.
At this moment it seems the market is holding its breath, volume is really low and price is surprisingly stable. -, still I believe we need more confirmation to call a breakout.
In fact I think we are going to take the low road :D and visit support @$9500 to consolidate further.
This is not financial advise! This is just the ramblings of a rookie chart pirate who's coffee addled brain is desperately trying to make sense of this ocean of data.
So far things are looking extremely bullish and progress is matching the upper trend line quite nicely. I find that good price moves on low volume can often be a sign of better things to come. I'm still holding fiat however I think a move to the BTC (symbol on the chart.) is in play.