Lets get right to it- Bitcoin has had a slight rally breaking out of the downward trend pattern, now lets see if the bull can sustain. At first glance I noticed a potential Inverse Head and Shoulders pattern Forming (www.investopedia.com...headandshoulders.asp
For this pattern to form we must see a bounce off of the 6,300 support. If this happens then a break above the neckline at 6,800 would confirm the pattern and would be an ideal price for an entry.
In addition to a potential head and shoulders formation, on the daily and 4hr chart the Bollinger bands are beginning to contract. Bollinger bands contraction provides a high probability of incoming volatility, due to overall market sentiment and other indicators such as RSI and MACD I will predict a bullish break.
As always-
Neither these presentations, nor anything on Twitter, Cryptoscores.org, or any other medium/mode of communication, including private correspondence, constitute financial advice.
Cryptoscores.org is not a financial advisor and hold no formal qualifications in this area.
Trade entirely at your own risk.
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For this pattern to form we must see a bounce off of the 6,300 support. If this happens then a break above the neckline at 6,800 would confirm the pattern and would be an ideal price for an entry.
In addition to a potential head and shoulders formation, on the daily and 4hr chart the Bollinger bands are beginning to contract. Bollinger bands contraction provides a high probability of incoming volatility, due to overall market sentiment and other indicators such as RSI and MACD I will predict a bullish break.
As always-
Neither these presentations, nor anything on Twitter, Cryptoscores.org, or any other medium/mode of communication, including private correspondence, constitute financial advice.
Cryptoscores.org is not a financial advisor and hold no formal qualifications in this area.
Trade entirely at your own risk.
This is for entertainment purposes only.
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Testing the right shoulder support Right now at 6,300. A break below would be very bearish and it would be reasonable to consider a short position.
Currently we are in a no trade zone.
However, a break above the neckline 6,8xx would confirm the pattern and be a nice long entry point.
Currently we are in a no trade zone.
However, a break above the neckline 6,8xx would confirm the pattern and be a nice long entry point.