Inverse Head and Shoulders
Long Term Trend:
Bitcoin is still bullish in the bigger picture. This is due to the higher lows of 28796 and the recent low of 32837.
Short Term:
Bitcoin is currently forming the 2nd shoulder of the inverse H&S pattern. The reverse usually occurs at 1/2 or 2/3 retrace of the neckline. Lower volume also favors the 2nd shoulder to hold. To successfully complete the pattern we will need to see an increase in volume over the next few days and a rise in price. Profit targets are meassuered from the head to the neckline. I will set my SL below todays candle.
I am currently looking for new job opportunities in the trading/crypto space. You can find my LinkedIn on my TradingView Profile.
Bitcoin is still bullish in the bigger picture. This is due to the higher lows of 28796 and the recent low of 32837.
Short Term:
Bitcoin is currently forming the 2nd shoulder of the inverse H&S pattern. The reverse usually occurs at 1/2 or 2/3 retrace of the neckline. Lower volume also favors the 2nd shoulder to hold. To successfully complete the pattern we will need to see an increase in volume over the next few days and a rise in price. Profit targets are meassuered from the head to the neckline. I will set my SL below todays candle.
I am currently looking for new job opportunities in the trading/crypto space. You can find my LinkedIn on my TradingView Profile.
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