Inverted Head & Shoulders
Actually, yesterday's Bullish Engulfing was the second around the $7,000. Before Christmas, the Bitcoin price did also a pretty powerful climb upwards which end up with an Engulfing candlestick pattern on the Daily, it was a Head!? Yes head, we are pretty close to getting a confirmed Inverted H&S breakout. IHS is a bullish chart pattern which is confirmed after the breakout from the neckline. The current neckline is pulled from bodies on the 4H timeframe and if the 4H candle gets a close above $7,500 then this bullish chart pattern is valid and the further growth is supported with several bullish patterns.
Before the breakout from the IHS , I cannot do anything because of the neckline which is also a pretty strong short-, mid-term trendline and it has worked as a strong resistance. I'll wait for a 4H candle close above $7,500, hopefully, we get a nice and healthy throwback to get better entries to the train to $8,000. To be said, I don't hunt this run to the $8,000 because I don't like breakout as much as reversal ones but hopefully, I see something comfortable which allows me to jump to the wave.
There are some cons also for further growth. The current action is happening just below the 4H EMA200, it works as a resistance. So, we might see a little throwback, it may not be little because the overall long-term trend and pressure are still downwards.
We have a Death Cross between 100&200 EMA on the Daily timeframe , as you see the downward pressure is still there but the price should get a little bit more breath time after it breaks above the IHS neckline!
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
TP
Actually, yesterday's Bullish Engulfing was the second around the $7,000. Before Christmas, the Bitcoin price did also a pretty powerful climb upwards which end up with an Engulfing candlestick pattern on the Daily, it was a Head!? Yes head, we are pretty close to getting a confirmed Inverted H&S breakout. IHS is a bullish chart pattern which is confirmed after the breakout from the neckline. The current neckline is pulled from bodies on the 4H timeframe and if the 4H candle gets a close above $7,500 then this bullish chart pattern is valid and the further growth is supported with several bullish patterns.
Before the breakout from the IHS , I cannot do anything because of the neckline which is also a pretty strong short-, mid-term trendline and it has worked as a strong resistance. I'll wait for a 4H candle close above $7,500, hopefully, we get a nice and healthy throwback to get better entries to the train to $8,000. To be said, I don't hunt this run to the $8,000 because I don't like breakout as much as reversal ones but hopefully, I see something comfortable which allows me to jump to the wave.
There are some cons also for further growth. The current action is happening just below the 4H EMA200, it works as a resistance. So, we might see a little throwback, it may not be little because the overall long-term trend and pressure are still downwards.
We have a Death Cross between 100&200 EMA on the Daily timeframe , as you see the downward pressure is still there but the price should get a little bit more breath time after it breaks above the IHS neckline!
Do your own research and please, take a second and support my effort by hitting the "LIKE" button, it is my only FEE from You!
Regards,
TP