Looking at the H4 chart we can see the potential for an inverse head and shoulders pattern, which to me looks highly probable given the fact that BTC yesterday and is now moving in an uptrend forming what looks to be the completion of the right shoulder of this IH&S pattern.
We also had this same pattern yesterday on the 30 min chart. I posted this pattern yesterday and earlier today BTC had reached its target. Now BTC has reversed and is moving towards the support level 1 and I believe it is a good opportunity to buy in at this support level and go long on the larger inverse head and shoulders pattern.
If this is a valid inverse head and shoulders pattern, what we will see in the next few days or less, BTC will approach the neckline in a zig zag fashion bouncing off of higher levels of resistance and retrace to higher levels of support. BTC will then hesitate at the neckline, breach the neckline and carry on with this zig zag pattern. BTC will get about half way towards the target then most likely retest the neckline. Then we will see BTC head towards the target in a zig zag fashion until BTC reaches its target.
Details on the Chart
Not trading advice, do own research.
Cheers
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RSI Daily
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Before we go up, like I said we go down first. Here is why.
dont mind if i do! thanks!