Bitcoin's Inverse Head & Shoulders Playing Out As Forecasted
Five weeks ago I made my first analysis on this pattern where I argued that the dotted purple support was my ideal target for an inverse H&S reversal pattern.
Once we were there it was a moment of truth for the bulls. My initial trade had a stop that was too tight. Nevertheless the overall idea was a success since we've now successfully reversed from my purple support area.
The daily RSI hitting oversold for the first time in almost a year was a great entry signal for crypto as a whole.
I'm expecting the bullish trend to continue at least for the next few weeks towards the top resistance (neckline) of the H&S.
Keep in mind, the inverse H&S is not completed yet. Once we hit the neckline (and ideally break through it) we can see a new all-time high coming soon.
Are you bullish or bearish? Share your thoughts.
Once we were there it was a moment of truth for the bulls. My initial trade had a stop that was too tight. Nevertheless the overall idea was a success since we've now successfully reversed from my purple support area.
The daily RSI hitting oversold for the first time in almost a year was a great entry signal for crypto as a whole.
I'm expecting the bullish trend to continue at least for the next few weeks towards the top resistance (neckline) of the H&S.
Keep in mind, the inverse H&S is not completed yet. Once we hit the neckline (and ideally break through it) we can see a new all-time high coming soon.
Are you bullish or bearish? Share your thoughts.
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