Recently, I made an analysis on BTC's recent price action and things to come.
In the analysis above I'm talking about the upper trend line which acts as resistance. If we look closer, we can see an inverted head & shoulders pattern emerge.
Head & shoulders patterns are classical reversal patterns. If the pattern holds, we can expect some nice bullish price action after BTC manages to break through the neck-line.
Targets remain the same as in my prior BTC analysis, 53k and 63k.
Happy trading!
Comment
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* the neck-line is drawn from the daily close on April 12th. Same line as in the prior btc analysis.
Outlook: Favoring the wave 2 low is in place at $39656.42 and a move to break $52915.84, the wave 1 high is now underway.
Analysis: Yesterday's pullback is behind us, with BTC reaching new recovery highs and trending higher. As the chart above indicates, the wave labels have been raised by one degree, although we're still favoring a third wave advance is in progress. The 51000-54000 range is a target area to complete wave (iii). We'll see if we can fine tune the estimates going forward.
Arad1395
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Great my friend
ProjectSyndicate
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solid chart and neat write-up
CobraVanguard
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Simple and Perfect! Thanks
UnitedSignals
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Great idea!
MonoCoinSignal
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Great analysis
KlejdiCuni
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I love this chart! Very simple and clear idea. Thanks
SacuGaming
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I hope you right. LONG!
But I keep in mind that most of the time market is doing the opposite of what ppl think it will do.