Bitcoin (BTC/XBT) Potential Inverse Head & Shoulders
Hi guys, this is OG back with another Bitcoin update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
On the 15Min TF, Bitcoin is potentially forming an inverse head and shoulders pattern. The right shoulder has yet to be formed and the neckline is at 38.2K. If price breaks above 38.2K with volume, then I will consider taking a long. If price below the head of 37.2, then this inverse head and shoulders pattern will be invalidated. I have alerts set at both of these price points so I can react based on price action. Again, I'm not longing right now, I'm waiting for a break above the neckline for a long.
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As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
On the 15Min TF, Bitcoin is potentially forming an inverse head and shoulders pattern. The right shoulder has yet to be formed and the neckline is at 38.2K. If price breaks above 38.2K with volume, then I will consider taking a long. If price below the head of 37.2, then this inverse head and shoulders pattern will be invalidated. I have alerts set at both of these price points so I can react based on price action. Again, I'm not longing right now, I'm waiting for a break above the neckline for a long.
Check out my technical analysis videos for more in-depth analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Comment:
Failed to break the neckline and now right shoulder is being invalidated.
