Hello Traders!,
Update on recent BTC developments!,
New potential formations on the chart, Hourly Inverse Head and Shoulders!
Points to consider,
- Potential Inverse head and shoulders
- Trend is currently consolidating
- .618 Fibonacci acted as support
- Price testing neckline
- Potential Triple top if price meets calculated target
- RSI respecting up trend
- Stochs showing upwards momentum
- VPVR showing decreasing volume of transactions
- EMA’s giving price support
Current price action is showing us that bitcoin may be developing an Inverse Head and Shoulders pattern, valid only if price breaks neckline!
There are signs in the chart that increases the probabilities of this being and actual Inverse H&S, the trend is currently consolidating after it was found with support from the .618 Fibonacci retracement zone.
Price retraced back to the neck line zone as the EMA’s come into play by giving Bitcoin support… The RSI is quite bullish as it is respecting it’s upwards trend. Furthermore, the Stochastics is showing upwards momentum as price comes into the neckline…
This formation is only valid if bitcoin breaks the neck line, which has a calculated target near the next local top. The breakout needs to be confirmed with above average volume…
Keep in mind that the target could post a potential triple top if bitcoin decides to reverse, so it’s a good area to take profits if this does play out!
What are your thoughts on BTC’s recent developments? Is this a potential inverse head and shoulder?
Please leave a like a comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
Update on recent BTC developments!,
New potential formations on the chart, Hourly Inverse Head and Shoulders!
Points to consider,
- Potential Inverse head and shoulders
- Trend is currently consolidating
- .618 Fibonacci acted as support
- Price testing neckline
- Potential Triple top if price meets calculated target
- RSI respecting up trend
- Stochs showing upwards momentum
- VPVR showing decreasing volume of transactions
- EMA’s giving price support
Current price action is showing us that bitcoin may be developing an Inverse Head and Shoulders pattern, valid only if price breaks neckline!
There are signs in the chart that increases the probabilities of this being and actual Inverse H&S, the trend is currently consolidating after it was found with support from the .618 Fibonacci retracement zone.
Price retraced back to the neck line zone as the EMA’s come into play by giving Bitcoin support… The RSI is quite bullish as it is respecting it’s upwards trend. Furthermore, the Stochastics is showing upwards momentum as price comes into the neckline…
This formation is only valid if bitcoin breaks the neck line, which has a calculated target near the next local top. The breakout needs to be confirmed with above average volume…
Keep in mind that the target could post a potential triple top if bitcoin decides to reverse, so it’s a good area to take profits if this does play out!
What are your thoughts on BTC’s recent developments? Is this a potential inverse head and shoulder?
Please leave a like a comment
And remember,
“The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore
