1. Bitcoin is rejecting pushing forward as it hits the 55 EMA resistance and begins to pullback.
2. With the first shoulder starting on 08/10, BTC is forming an inverse head and shoulders pattern.
3. The head had an extension down to the 5880 price level with a pullback to the neckline around 6400-6450.
4. We need a retracement down to the 6k level and then a pullback thru the 6650 price level in order for the complete inverse Head and Shoulders to form.
5. An inverse HS indicates a price reversal in the overall trend.
6. If we pull back down under the 5900 price level, the inverse HS is invalid and we will look for a new pattern formation.
7. On the pullback.. Watch BNB if you are a Binance user. They act inversely, it may be a usefull strategy in order to reduce losses from another downward retracement.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 2:23pm (UTC - 7) Los Angeles
2. With the first shoulder starting on 08/10, BTC is forming an inverse head and shoulders pattern.
3. The head had an extension down to the 5880 price level with a pullback to the neckline around 6400-6450.
4. We need a retracement down to the 6k level and then a pullback thru the 6650 price level in order for the complete inverse Head and Shoulders to form.
5. An inverse HS indicates a price reversal in the overall trend.
6. If we pull back down under the 5900 price level, the inverse HS is invalid and we will look for a new pattern formation.
7. On the pullback.. Watch BNB if you are a Binance user. They act inversely, it may be a usefull strategy in order to reduce losses from another downward retracement.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 2:23pm (UTC - 7) Los Angeles