BTC within a chance for a inverse head and shoulders pattern.
Updated
Hi all,
Been absent for a while watching whats been happening.
In my last post all those months ago I got caught up in the hype of everything. Now after taking some time away to learn and reflect on it all, im back with a fresh perspective and analysis.
A inverse H&S pattern is starting to emerge from the charts. This doesn't by it self indicate a trend reversal, it does however suggest it. Ina few days when we test the neck line we may see BTC regain some lost territory.
I doubt that will be back to the giddy highs we saw this time last year. But a swift shot up to test 4200-4350 where a small line of resistance will form, through that to meet heavy resistance at 5k. I wont estimate past that as it would be foolish.
To look for will be how BTC behaves in the next few days. If it can complete the reverse H&S we may have an opportunity to go long. Until then I would hold off and keep what you have in fiat.
Post your thoughts and question below guys, ill answer any points you have and am always open to debate if you disagree with anything i have written here.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.
Been absent for a while watching whats been happening.
In my last post all those months ago I got caught up in the hype of everything. Now after taking some time away to learn and reflect on it all, im back with a fresh perspective and analysis.
A inverse H&S pattern is starting to emerge from the charts. This doesn't by it self indicate a trend reversal, it does however suggest it. Ina few days when we test the neck line we may see BTC regain some lost territory.
I doubt that will be back to the giddy highs we saw this time last year. But a swift shot up to test 4200-4350 where a small line of resistance will form, through that to meet heavy resistance at 5k. I wont estimate past that as it would be foolish.
To look for will be how BTC behaves in the next few days. If it can complete the reverse H&S we may have an opportunity to go long. Until then I would hold off and keep what you have in fiat.
Post your thoughts and question below guys, ill answer any points you have and am always open to debate if you disagree with anything i have written here.
Remember though folks, this is not financial advice and any trades you take are at your own risk.
I, like all traders will be watching BTC and will take positions accordingly.
Stay frosty,
Moglli, out.
Note
Dont get to excited folks, although we bounced off the the support line of the shoulder we should hold off committing our positions until formation has either completed or broken down. There is still a strong chance for a sideways continuation.Note
Some side ways action is to be expected, I'm happy to wait for another day until I can declare this formation to of broken down.I am still neutral on the short term with BTC which I know isn't helpful!
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