BTCUSD with Potential Inverse Head & Shoulders Pattern.

For EDUCATIONAL PURPOSES ONLY. NOT TO BE TAKEN AS A FINANCIAL ADVICE.

Formation of a potential inverse head and shoulders pattern is now on hand. Decisive breakout above the down sloping neckline shown in Green would complete the pattern, reversing the current downtrend, within the down trending channel if and when on hand. Slope of the neckline indicates a weak pattern in comparison with flat or an up sloping neckline, but, still forms a resistance barrier which bulls must overcome decisively to break the back bone of the bear. Can they do it ?

Red support line below the right shoulder is worth watching also.

If completed successfully, height of the pattern can be projected from the breakout point to the upside for a target.

Analysis continues....

Comment:

Appears as though the resistance provided by the neckline ( in Green) contained the bullish move with a short term bearish reversal now on hand. Will we see a retest of the right shoulder support now ?

Comment:

Right shoulder support now turns resistance. Potential Inverse H&S Pattern appears to have failed before even activation.
Is there anything bullish ? Not that I can see. Watching the support line of the down trending channel for any potential retest.
Analysis continues...