Look at that attached chart.
We can see that the current developing chart pattern has occurred three times in the past month.
Chart Pattern 1
Labelled on the chart is chart pattern one. We see a sell-off forming an inverse head and shoulders. Hourly 50MA is pointing up signalling uptrend on the hourly scale.
The prices break out upwards surprising the bears and Bitcoin climbs from
14K - $17l
Chart Pattern 2
Labelled on the chart is another inverse H&S. This time the hourly 50 MA is pointing down signalling downtrend on the hourly scale. The breakout fails - the hourly 200MA becomes resistance and bitcoin tumbles from14K - $9k.
Chart Pattern 3
Labelled on the chart is a third inverse H&S. This time the hourly 50 MA is pointing up signalling a potential uptrend on the hourly scale.
If this third inverse H&S breaks to the upside then the price target for the inverse H&S is
13K - 14K range.
If it fails, get prepared for more selling and a new lower low.
We can see that the current developing chart pattern has occurred three times in the past month.
Chart Pattern 1
Labelled on the chart is chart pattern one. We see a sell-off forming an inverse head and shoulders. Hourly 50MA is pointing up signalling uptrend on the hourly scale.
The prices break out upwards surprising the bears and Bitcoin climbs from
14K - $17lChart Pattern 2
Labelled on the chart is another inverse H&S. This time the hourly 50 MA is pointing down signalling downtrend on the hourly scale. The breakout fails - the hourly 200MA becomes resistance and bitcoin tumbles from
14K - $9k. Chart Pattern 3
Labelled on the chart is a third inverse H&S. This time the hourly 50 MA is pointing up signalling a potential uptrend on the hourly scale.
If this third inverse H&S breaks to the upside then the price target for the inverse H&S is
13K - 14K range. If it fails, get prepared for more selling and a new lower low.
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.
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.