JohnnyPurtoy98
Long

BTCUSD - inverted H&S!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
It looks like the inverted head and shoulders pattern is still forming, if this pattern is able to fully form it is very likely the price of bitcoin would start to rise and we could see the price test the resistance level of the triangle (A). We will have to wait and see if the price reaches the low of the previous shoulder and is able to bounce, if the price fails to bounce we could see further bearish moves. I will keep everyone updated on this pair over the coming weeks.
Comment: The price seems to have touched the bottom and has started to move up, it looks more and more likely that the price is going to fully form this second shoulder and start to move up from here, I would wait for a breakout the neckline before placing any trades. If the price is to breakout we could see a move all the way back up to the resistance level of the channel, we would have to wait for better confirmation before placing any trades on this pair.

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