Inverse Head and Shoulders? Double Bottom? Drop Lower?
Hey everyone -hope you're having a wonderful day of trading. Excellent news from India providing even MORE bullish sentiment towards BTC, let's see how it plays out!
Looks like we are still forming this INVERSE Head and Shoulders pattern I mentioned yesterday, and it looks like we just put in a DOUBLE BOTTOM on the 4 HR which could COMPLETE the bullish INV head and shoulders pattern.
Bullish scenario: Wait for breakout above the 1:1 Gann Fann
(not so) Bearish scenario: Price breaks below the 2:1 Gann Fan.
- This scenario is looking to be most probable, as we have bearish divergence in the sRSI and RSI, also the MACD is kind of in an ambiguous position (on the 4HR), but if you look at the 1D -it appears to be rolling over bullish.
If price moves down towards the 3:1 and finds support, we could be looking at a much larger DOUBLE BOTTOM and complex inverse head and shoulders -which could give us a more explosive move upward.
However, if BTC fails to find support at this level, we could be looking at a MUCH lower drop and could invalidate the Bull Market completely (sad face). However, I find it hard to go with this possibility as there are pretty strong arguments against this.
It's the waiting game for a bit -but either way, I think we have some NICE trading opportunities developing!
I would LOVE to hear what you guys think? Please comment below if you agree or disagree -and let me know why!
Thank you for taking the time :)
Looks like we are still forming this INVERSE Head and Shoulders pattern I mentioned yesterday, and it looks like we just put in a DOUBLE BOTTOM on the 4 HR which could COMPLETE the bullish INV head and shoulders pattern.
Bullish scenario: Wait for breakout above the 1:1 Gann Fann
(not so) Bearish scenario: Price breaks below the 2:1 Gann Fan.
- This scenario is looking to be most probable, as we have bearish divergence in the sRSI and RSI, also the MACD is kind of in an ambiguous position (on the 4HR), but if you look at the 1D -it appears to be rolling over bullish.
If price moves down towards the 3:1 and finds support, we could be looking at a much larger DOUBLE BOTTOM and complex inverse head and shoulders -which could give us a more explosive move upward.
However, if BTC fails to find support at this level, we could be looking at a MUCH lower drop and could invalidate the Bull Market completely (sad face). However, I find it hard to go with this possibility as there are pretty strong arguments against this.
It's the waiting game for a bit -but either way, I think we have some NICE trading opportunities developing!
I would LOVE to hear what you guys think? Please comment below if you agree or disagree -and let me know why!
Thank you for taking the time :)