Will BTC complete inverse Head and Shoulders or retest bottom?
From my last analysis, we broke out of descending triangle and hit target of $4000. I didn't think we would hold on to the support at 4000 for long, which IMHO is good to solidify the bottom. I still think we are going to be in the red line zone 3500 to 4500 for a while. But...
Right now we are starting to develop the right shoulder of a inverse head and shoulder pattern. The right shoulder should have the most volume to break out of neck line from there we could test the 6000btc resistance.
80% I believe we will form the right shoulder and test the neckline at 4300. If volume picks up, then it is a very good chance we will break out upwards.
20% We go down from here to retest the bottom (not good scenario)
Time will tell. Good luck, not investment advice just my opinions.
Right now we are starting to develop the right shoulder of a inverse head and shoulder pattern. The right shoulder should have the most volume to break out of neck line from there we could test the 6000btc resistance.
80% I believe we will form the right shoulder and test the neckline at 4300. If volume picks up, then it is a very good chance we will break out upwards.
20% We go down from here to retest the bottom (not good scenario)
Time will tell. Good luck, not investment advice just my opinions.
Comment:
Took longer than expected, but I think we will complete the H&S, volume is picking up. If volume doubles we should break out. If not expect consolidation.
