BTC/USD is showing a potential inverse head and shoulders here, which is a major reversal pattern. It looks like the right shoulder may still be forming, but it also looks like it could have already broken out of the neckline. So, we may see a retest of the neckline, but if it breaks out of the neckline, the target level is $5.4kShorts still haven't been squeezed much, which could easily support this move.
Trade at your own risk.
Note
Update: bottom of the right shoulder should be right here (coincides with an ultra long term trendline).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.