BitcoinLong
Bitcoin Bottom Reversal Pattern
Bitcoin is signalling a potential floor at USD 32K.
An inverse head and shoulders pattern is forming, and the right shoulder is attempting to break above neckline resistance at USD 46K
If BTC/USD can manage to flip this neckline resistance into support with a bullish break and re-test, then further reversal continuation is likely.
Should this occur, then the next two resistance zones are USD 49K and 54K respectively.
This argument is invalidated Bitcoin falling below USD 41K support.
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“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
An inverse head and shoulders pattern is forming, and the right shoulder is attempting to break above neckline resistance at USD 46K
If BTC/USD can manage to flip this neckline resistance into support with a bullish break and re-test, then further reversal continuation is likely.
Should this occur, then the next two resistance zones are USD 49K and 54K respectively.
This argument is invalidated Bitcoin falling below USD 41K support.
DISCLAIMER
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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