Bitcoin: Inverse H&S forming for a double top target @ 13.8k?!
Hi everyone,
Although I am still bearish and expecting $8.5-9k levels for the end of this correction, I am seeing the formation of a "potential" inverse head and shoulders on the 4 hr chart, which is bullish for bitcoin in the short term.
IFF this pattern plays out, and Bitcoin actually breaks bullish from the neckline of this Inv. H&S, then the target is almost exactly the previous 2019 high of Bitcoin @ around $13.8k. This can be quite bearish if it ends up double topping there, creating a macro double top, where the real 40-45% correction begins. OR, this previous high may be broken and $16-20k targets become more likely in the short -to-medium term.
P.S. Remember, as traders we have to be open to all possibilities. Also remember that all TA and patterns are NOT confirmed until after breakout - otherwise it's invalidated.
Cheers,
Leb Crypto
Although I am still bearish and expecting $8.5-9k levels for the end of this correction, I am seeing the formation of a "potential" inverse head and shoulders on the 4 hr chart, which is bullish for bitcoin in the short term.
IFF this pattern plays out, and Bitcoin actually breaks bullish from the neckline of this Inv. H&S, then the target is almost exactly the previous 2019 high of Bitcoin @ around $13.8k. This can be quite bearish if it ends up double topping there, creating a macro double top, where the real 40-45% correction begins. OR, this previous high may be broken and $16-20k targets become more likely in the short -to-medium term.
P.S. Remember, as traders we have to be open to all possibilities. Also remember that all TA and patterns are NOT confirmed until after breakout - otherwise it's invalidated.
Cheers,
Leb Crypto