Haven't posted a BTC chart in a while. It's been quite the ride so far and expect the bullish momentum to continue.
The last few days has seen Bitcoin retrace and consolidate. The selling pressure has not been extreme and likely to be profit taking only. With that said, buying on dips is a good strategy for now.
On the 1 hour chart, a possible inverted head & shoulders is forming. This is just the pattern to add to an existing long position on the break of the neckline. The projected target is near the $8,700 area.
Volume is already starting to decrease in the right shoulder, which is a lot smaller than the left and ideal scenario for a breakout past the neckline.
Please give this trade idea a THUMBS UP and I will keep you updated!
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
can HnS be a continuation pattern? I thought it was reversal pattern
Scalpn-Ralph
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@kitkat16, Head and shoulder usually breaks to the down side. Inverse head and shoulder usually breaks to the upside. Those can of course be rejected as we saw happen with the massive inverse head and shoulder pattern this year.
CryptoAccountBuilders
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Yep. I was going off a cup and handle (the handle is fairly long but, not so much on the 4 hr). Looks like it broke the downward trendline too on both the 1 and 4 hour. Hoping for another bull run here shortly.
hedgewithcrypto
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@CryptoCoinJunky, yes i saw that cup and handle too. Hopefully we see trend continuation
barry25
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There is bullish engulfing on daily, isn't it add one more bullish confirmation ?