BitcoinLong
Bitcoin Bottom? Inverse H&S forming!
Updated
Hello dear traders!
The trend is your friend they say, but all trends come to an end. Bears had control for about 6 months now and I believe we are at a pivot point.
Lets get back and see what the history says. Bitcoin has crashed so many times, from $32 to $2, from $250 to $50, from $1100 to $180. And yet this year it soared above 19K. What is the lesson? Bitcoin always breaks ATH. It is not unlikely to hear that it is the most bullish asset ever.
Looking at the charts, we can see that about a month ago bitcoin broke of the big triangle falling below $7200 which indicated more bearish action. Most expected 5K and below, and yet here we are still not far away from 7K. on bigger time frames indicators are beginning to lean bullish and we can see that a potential Inverse H&S is forming.
What happens if the inverse H&S plays out? Well, target shows that we will get back in the long term triangle, which by itself is a very bullish action. This move will also bring us close to the resistance line of the triangle at $7800. If we break that we may soon see an attempt to break 10K. If that succeeds we will see runs like the ones in 2017
Looking to enter crypto? U may never have a better entry, market doesn't wait and can move very fast.
The trend is your friend they say, but all trends come to an end. Bears had control for about 6 months now and I believe we are at a pivot point.
Lets get back and see what the history says. Bitcoin has crashed so many times, from $32 to $2, from $250 to $50, from $1100 to $180. And yet this year it soared above 19K. What is the lesson? Bitcoin always breaks ATH. It is not unlikely to hear that it is the most bullish asset ever.
Looking at the charts, we can see that about a month ago bitcoin broke of the big triangle falling below $7200 which indicated more bearish action. Most expected 5K and below, and yet here we are still not far away from 7K. on bigger time frames indicators are beginning to lean bullish and we can see that a potential Inverse H&S is forming.
What happens if the inverse H&S plays out? Well, target shows that we will get back in the long term triangle, which by itself is a very bullish action. This move will also bring us close to the resistance line of the triangle at $7800. If we break that we may soon see an attempt to break 10K. If that succeeds we will see runs like the ones in 2017
Looking to enter crypto? U may never have a better entry, market doesn't wait and can move very fast.
Note
Looking good so far, bears can barely take a breath, aiming at 7800 next, break that and next major resistance is at 11700. Break that and we may see a new ATH attempt.If we enter 10K then media attention will get back, starting another hype train. Lets do it!
Note
No pullback for the bears and "stand by" bulls, this is going to be glorious.
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