Bitcoin Possible Reversal Chart Pattern

The market gives a new signal telling about possible trend reversal. If the price breaks a neckline, we will get a confirmed inverse Head&Sholders chart pattern. It belongs to a group of reversal patterns. Such a price movement also will break the level of the previous swing high. These signals will be good for opening long positions with stop orders below the right shoulders and profit targets at the important resistance levels 5000.00 and 6000.00 where the market can be stopped and reversed with further correction movements. As we are not far from the important date, launching BAKKT, the market will be able to start growing soon. This reversal chart pattern will be a good signal confirming the downtrend reversal and the current levels will be good as a starting point for a new uptrend.

Indicators:
- MACD confirms the uptrend movement
- RSI confirms the uptrend movement
- DMI is bullish and confirms that bulls become stronger.

Comment:

By the way, an interesting period of consolidation. The price moves in a narrow range on lower timeframes. Breakout from the range will confirm further market movement in the direction of this breakout. Also, there is a flag chart pattern which belongs to the same group as iS&H.

Comment:

The price could not break the neck line. We can see a strong bearish candle which tells us about the strength of sellers. The iS&H won't be realize if the market moves belwo the right shoulder. In such way it will be a signal confirming further falling.