Bitcoin may be forming a inverse head shoulder and not the best looking one but its just a possibility, we have no control of the outcomes but to manage our risk/rewards. This is not a trade setup and just for educational purposes, feel free to leave comments on your thoughts. My opinion is that Bitcoin is starting a new weekly chart today so we should see movement to upside/downside within next 2 days.
-If drops below 6K the chances are to the downside, if we stay above 6.1K then possible for another swing high and test neckline, retrace then try to breakout.
-Bullish divergence on the 12hr on RSI and MACD gaining more positive momentum.
-Other possibility to drop to 5.5K to touch support at bottom of blue down sloping channel which is still overall downtrend.
-Other possibility is a falling wedge using bottom of the blue channel and inverse head & shoudlers neckline black trend line which this pattern is a reversal pattern to the upside.
There are many possibilities but the real question is which is mostly likely to happen? We will find out when the market plays out.
Thank You
May the BULLS be with You !!!
-If drops below 6K the chances are to the downside, if we stay above 6.1K then possible for another swing high and test neckline, retrace then try to breakout.
-Bullish divergence on the 12hr on RSI and MACD gaining more positive momentum.
-Other possibility to drop to 5.5K to touch support at bottom of blue down sloping channel which is still overall downtrend.
-Other possibility is a falling wedge using bottom of the blue channel and inverse head & shoudlers neckline black trend line which this pattern is a reversal pattern to the upside.
There are many possibilities but the real question is which is mostly likely to happen? We will find out when the market plays out.
Thank You
May the BULLS be with You !!!