Bitcoin inverse head & shoulders + Fibonacci
As you can see drawn in the chart, we could potentially see a re-test of the left shoulder as we create an inverse Head & Shoulders.
This level is also coincidental with the 61.8% fibonacci retracement level (43K), which many call "the point of no return", meaning a breakdown below this level is expected to reach 100% retracement, which is around 29K.
The 50sma is has been working well since the end of October 2020. And will be important to retake if the bulls want to take control.
This level is also coincidental with the 61.8% fibonacci retracement level (43K), which many call "the point of no return", meaning a breakdown below this level is expected to reach 100% retracement, which is around 29K.
The 50sma is has been working well since the end of October 2020. And will be important to retake if the bulls want to take control.
Note
The 50% Fibonacci retracement line has acted as support.The right shoulder could hold this level and still form the head & shoulders pattern.
Today's bullish engulfing candle is looking very nice.
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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.