BTC: Large Inverse H&S Pattern Could Signal A Return To 16K
In my last BTC chart I called a small inverse H&S (confirmed at 8.8K) with a breakout target of 12K. While we didn't quite make it there, we did hit 11.7K, which is very close.
I believe now that we could be building a much larger inverse H&S pattern. The RSI and Stoch indicate that this retrace from 11.7K will continue and I believe (based on Fib levels and former resistance) that we will reverse in the 9300-8800 zone, and hopefully start building the outside edge of the right shoulder. MACD is very close to a bullish cross, but I suspect this will be delayed until we hit the bottom of the shoulder.
The inverse H&S pattern is confirmed with a 1D close above 11.3K
PM me for entries, targets, custom charts, access to my paid Telegram group or my chart analysis course.
I believe now that we could be building a much larger inverse H&S pattern. The RSI and Stoch indicate that this retrace from 11.7K will continue and I believe (based on Fib levels and former resistance) that we will reverse in the 9300-8800 zone, and hopefully start building the outside edge of the right shoulder. MACD is very close to a bullish cross, but I suspect this will be delayed until we hit the bottom of the shoulder.
The inverse H&S pattern is confirmed with a 1D close above 11.3K
PM me for entries, targets, custom charts, access to my paid Telegram group or my chart analysis course.
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Here's my reasoning for the retrace zone
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Make or break time. Next 24 hours are key.
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So far so good.
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We are so close now.
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Next two days are key.
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Make or break time BTC
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Conversion line (highlighted) is key support now. If it breaks we are going down further. Trade volume is so low.
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Looks like a double top fakeout. The crypto winter continues. Hope you're robbed up.
