OptionsPlay

Bottom formation (Inverted H&S) suggests rally higher

Long
BITFINEX:BTCUSD   Bitcoin
After breaking below $6800 major support level, BTCUSD has started to stabilize and show signs of bottoming with accumulation. Inverted Head & Shoulders formation suggests that buyers are slowly stepping in and have reached an equilibrium with sellers. Look for a break above $6800 to get long with conservative targets at $7800 and extended targets at $10,000.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.