BTC - Reverse H&S - Bullish
BTC may have possibly put-in another head-and-shoulders pattern, this time a reverse H&S, or upside-down H&S. It registered a normal H&S back on June 26-27, which is typically a top. Sure enough, the price soon dropped into an A-B-C corrective pattern. But this time we have a reverse H&S, which is typically a sign of a bottom, with a strong potential for an upside move soon.
Note as well that the important $11,500 line has been holding very nicely (all the blue arrows), and formed an important part of the current reverse H&S. We had a 50% retracement of the last run up from $9,700 (point C) up to $13,200. And once again, $11,500 figures prominently as the stopping area of that 50% retracement.
Will the retracement stop here? Will this reverse H&S lead into another run up? Usually it does. Let's hope it does this time too.
Support levels (yellow lines) seem to still be the same as before: $10,500 (the stopping point of corrective wave A) and $9,700 (the stopping point of corrective wave C).
Note as well that the important $11,500 line has been holding very nicely (all the blue arrows), and formed an important part of the current reverse H&S. We had a 50% retracement of the last run up from $9,700 (point C) up to $13,200. And once again, $11,500 figures prominently as the stopping area of that 50% retracement.
Will the retracement stop here? Will this reverse H&S lead into another run up? Usually it does. Let's hope it does this time too.
Support levels (yellow lines) seem to still be the same as before: $10,500 (the stopping point of corrective wave A) and $9,700 (the stopping point of corrective wave C).
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.