undolifestyle
Long

Updated version of inverse head and shoulders analysis for BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is an updated/alternative version of my previously published chart idea, this time using a line chart on the 4 hour timeframe. I've added more resistance trendlines along with the Ichimoku cloud analysis. We can see a TK             cross (Tenkan-Sen crossing the Kijun-Sen) which is a bullish signal. Also we can see price action moving into the 4 hour cloud. Often entry into the cloud is seen as a signal for an edge to edge move, in this case from the bottom of the cloud to the top. This would support a break out of the inverse head and shoulders neckline. Let's look for a large amout of bullish volume to drive the price action through the various resistance levels and let's see if we can get supportive above the cloud.

The trendlines are drawn from multiple points of contact over the previous 2/3 months but I've only shown the most recent time period of the chart here.
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