miggles37

BTC possible inverse HS (1D chart)

COINBASE:BTCUSD   Bitcoin
Looks like a possible inverse HS is forming as we head for the "Resistance zone" (roughly 10,500-11,000). Scenario 1, if the trend breaks through that zone quickly and holds, I would expect another upward movement to that sell zone 1 where I would urge to take some profit off the board (or ride it to the moon ;) ). I think that scenario is less likely as the MA200 in pink is still in a downward arc and still above the orange MA50 but maybe we'll see a cross to confirm scenario 1. Being that BTC seems to be overbought (see RSI bottom of the chart) to some extent and volume showing nothing spectacular, I don't know if it has enough juice in it to break through that resistance zone with ease. Scenario 2 I think is more interesting and more probable! I would like to see a bounce off the resistance zone all way down to where the left shoulder went down to (support zone). I think this is a good spot to enter back in or go ahead and buy up some BTC (or some alts if you believe a lot of the alts are pegged to BTC). Hopefully a bounce off the support zone up to the resistance zone to complete the inverse HS and shoot us through that sell target 1! The next 1-3 months are about to really heat up though in my opinion. Be aware if the inverse HS fails, expect some more downward movement very quickly to buy zone 2 if not 3. Good luck!
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