Is Bitcoin forming a mega bullish, ginormously enormous, inverse head and shoulders pattern? It very well could be. I've highlighted (in green) the possible path that Bitcoin could take. If this is an inverse head and shoulders pattern that is forming, we would expect to see the right shoulder (?) filled, before a powerful move higher. Ultimately, it appears as though we are only experiencing a healthy correction for Bitcoin, before the BTC beast awakens. A break below key levels, such as the 200 EMA (in purple,) or the 38.2% retracement level would be negative. A break below the lowest point of the head on the inverse head and shoulders pattern (which is at the 50% retrace) would totally negate the proposed inverse head and shoulders pattern. That is a critical level that the bulls do not want to lose.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***