The prices formed an Inverse Head And Shoulders, and it gives us a trend reversal signal. Let's say the market provided us a strong bullish signal. The price broke the neckline, and the breakout could be used for opening long positions with stop level below the right shoulder. If you missed this buy opportunity, it is not a problem. The price is going to move back to the neckline. If the price bounces from this line, it will be possible to use the reversal signal for buying with stop level below the right shoulder and the main profit target at the downtrend line.
In spite of the trend reversal signal, we can't say that Bitcoin is going to start a new uptrend. We need to get the breakout from the descending price channel. It will give us the trend reversal signal from the daily timeframe, and it will confirm the strength of buyers.
As for this bullish signal from the 4H chart, it just tells us that the market is going to move back to the main downtrend line. The price action at this line will show us further market movement.
If the price drops below the neckline, we should be ready to see a falling to the previous lows at 6500 support.
In spite of the trend reversal signal, we can't say that Bitcoin is going to start a new uptrend. We need to get the breakout from the descending price channel. It will give us the trend reversal signal from the daily timeframe, and it will confirm the strength of buyers.
As for this bullish signal from the 4H chart, it just tells us that the market is going to move back to the main downtrend line. The price action at this line will show us further market movement.
If the price drops below the neckline, we should be ready to see a falling to the previous lows at 6500 support.
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