Possible Inverse Head & Shoulders Pattern on Bitcoin

BTCUSD

On the hourly chart on the Bitcoin-USD pair, I see the potential of an Inverse Head & Shoulders Pattern, with a neckline at around $7,400 USD and a price target of $8,300 USD or higher.

The pattern will be confirmed once you break above $7,400 USD, you could wait until then, or put a little in before and the rest after the confirmation. Stop should de $6,500 USD a little below the Head of the pattern, if it breaks below that level it is over and we are going lower.

Of course, the right shoulder can still go lower and longer than it is shown so far, will see. This pattern should end this week at the latest.

The 50% Fibonacci retracement is at $8,444 USD, so maybe it can go a little higher and reach that level, or a little above it at $8,500 USD or higher. Will see.

Good Luck to You

Comment:

Inverse Head & Shoulders Pattern Confirmed, next target $8,300 USD.

Good Luck to You

Trade closed manually:

Out with a nice 9.54% profit per Bitcoin. It will probably go higher, but since I enter with a high leverage position I can not risk it.

Good Luck to You