Possible Inverted Head & Shoulders Pattern on Bitcoin

BTCUSD

As you can see on the chart, we might be making an Inverted Head & Shoulders Pattern, www.freeonlinetradin...d-and-shoulders.html , one that has been in the making for over 5 months. With a neckline around $10,400 USD, the Head around $6,400 USD, the Left Shoulder around $7,300 USD, and still missing the Right Shoulder, which should take several weeks to complete. It doesn’t necessarily need to fall back to the same level as the Left Shoulder, but probability near it and maybe 2 months for it to complete.

In the short term, it could still climb to the $10,400 USD level, maybe higher, or it could just stall at today highs. Either way, after that, I would expect several weeks of downside consolidation to complete the Right Shoulder.

This Pattern is Bearish Short-Mid Term, as it implies Bitcoin could fall in the next couple of weeks, but very Bullish Long Term, as it implies a rise above $14,000 USD later this year.

It might be premature to call for it right now, but still a good probability of what could come going forward.

Also, we can see the RSI getting overbought in the daily chart with levels above 70, which is bearish. It could still get more overbought in the short-term, but at some point, that will need to be corrected.

Good Luck to You

Comment:

Pattern invalidated. With Bitcoin dropping below $6,400 USD.