BTC/USD Possible Inverse Head and shoulders
Updated
Although it is far from well defined, it looks like BTC may be printing an inverse head and shoulder on the hourly. Given that this is during a consolidation period it may act as a reversal point to launch the price towards 8800.
It seems the sales pressure is subsiding and a look at a few spot exchange order books shows the buy to sell ratio leaning pretty strongly to the buying side. We are also hugging the 200 Daily MA pretty closely making me think it will turn support and continue this bull market. Moving deeply bellow the 200 MA will be the worst possible scenario for BTC.
This is a fragile point we are sitting on and although I'm calling long there is still plenty of potential for another move south. Therefor set stop losses tight.
Look to start taking profit around 8800. But if this move plays out I would imagine us to test the old 9500 support zone, so maybe leave something on the table.
It seems the sales pressure is subsiding and a look at a few spot exchange order books shows the buy to sell ratio leaning pretty strongly to the buying side. We are also hugging the 200 Daily MA pretty closely making me think it will turn support and continue this bull market. Moving deeply bellow the 200 MA will be the worst possible scenario for BTC.
This is a fragile point we are sitting on and although I'm calling long there is still plenty of potential for another move south. Therefor set stop losses tight.
Look to start taking profit around 8800. But if this move plays out I would imagine us to test the old 9500 support zone, so maybe leave something on the table.
Note
Testing this zone for support, if it holds we print a higher low in the short term.
Long @ 8100
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