CryptoMoe81
Long

BITCOIN (#BTC): Bullish signs? H&S vs Ascending Triangle

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
If we zoom in, on 1H chart, the current price action of Bitcoin , it seems to me like Bitcoin is performing Head and Shoulders pattern and Ascending Triangle pattern as well.

Ascending Triangle is bullish pattern .

Head and Shoulders pattern is usually reversal pattern. In that case, could be considered as bullish sign. But in past, Bitcoin broken this rule several times. For me, it is 50/50.

In terms of current price action, Bitcoin has a good chance to get through the top of the Ascending Triangle . In spite of H&S , Bitcoin followed Ascending Triangle well in past.

This is my short-term bullish outlook with 1st profit target at around $10 500. If I am very optimistic, we could go to $11 500. Before this happens, Bitcoin must pass through resistance levels above.

If I look on higher TFs, I stay calm. Bitcoin seems to me more bearish than bullish . I expect, the overall downward trend to continue. But that is another story.

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Trade closed: target reached

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