ecoinamist
Long

Bitcoin Inverse Head and Shoulders | Return to $6000?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Don't worry guys, the world is not ending and Bitcoin             is not going sub 1000.
Sincerely hope you didn't panic sell the bottom. If you did, keep in mind that moving slower is usually preferable to moving quickly.

This Inverse Head and Shoulders pattern seems like it could play out over the next day or so.
For those that don't know this is a bullish pattern that indicates a trend reversal. Pattern is not complete until we return to the baseline and break through.

I coincided this with the parallel bear channel Bitcoin             has been in for over a month.
I called this bear channel a bull flag in another analysis. If you followed my previous analysis, my fractal idea was obviously invalidated, and so was my bull flag idea.
You can't call them all unfortunately, since trade ideas are based around higher probabilities rather than guarantees.

A break from this baseline could be very bullish , because it would also break us from the bear channel . We may need more volume though, as the last time we broke this channel was very short-lived and not very convincing.

Potential bounce points: $7500, $6400
Break above $8500 with volume is where I'm looking to long more Bitcoin             .
Break below $6300 would likely mean travel to bottom of channel around $5000 :(
Trade active: Bye-bye Inverse Head & Shoulders
Bye-bye bear channel
Bye-bye $6000 BTC

We've broken out of this channel (purple) before, temporarily, before crashing down. Even used the top of channel as support once.

This time, however, breakout is a lot more convincing with much more volume.

9k should prove to be decent resistance. Expecting (hoping for) some consolidation between 9k(ish) and 8k. Fully expect this to travel in the red FIB channel now.
I will consider a drop back into the channel (sub 8k currently) as very bearish. Critical moments for Bitcoin playing out.
Comment: Here's the red FIB channel I'm referring to.
This channel dates all the way back to January 2017.
I really like that the bottom was used as support in the biggest crash.
Shows that this year-long channel is still very relevant

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