Chibuike_Odoh

BTCUSDT (BITCOIN) - INVERSE HEAD AND SHOULDERS PATTERN

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
ANALYSIS 🔎
- BTCUSDT tested the symmetrical triangle's inclined support and brokeout above the descending trendline resistance.
- Price is retracing for a retest of the descending trendline resistance and the key fibonacci retracement levels.
- Price made a higher high.
- Price action is printing the inverse head and shoulders trend reversal pattern.
- RSI is printing a bullish divergence signal.

BUY ENTRY ⬆️
- Aggressive (risky): fibonacci retracement levels.
- Conservative: breakout above the inverse head and shoulders neckline resistance.

TARGET 🎯
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Breakdown below the 1.0 fibonacci retracement level.

Enjoy 🥂