BTCUSD : Interesting Inverted Fractal could be in play
Bitcoin price action is showing some interesting mirror image. The Head & Shoulder pattern with 19k highs did not break the neckline of the first attempt instead it retraced all the way back to full swing 61% and came down to break he neckline and took couple of month to reach the 5900 lows.
The current inverted H&S pattern, the neckline has not been breached on the first attempt, which completes right shoulder formation and price has been making a retracement back. If this we apply the same fractal logic to this pattern we might see a lower retracement which could come as deep as the low of the right shoulder before price heads up.
What makes this analysis more interesting it the both the pattern share COMMON NECKLINE. Neckline for both h&s pattern is the same trend line support/resistance.
The current inverted H&S pattern, the neckline has not been breached on the first attempt, which completes right shoulder formation and price has been making a retracement back. If this we apply the same fractal logic to this pattern we might see a lower retracement which could come as deep as the low of the right shoulder before price heads up.
What makes this analysis more interesting it the both the pattern share COMMON NECKLINE. Neckline for both h&s pattern is the same trend line support/resistance.
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.