BTC - Attempting Breakout
BTC has currently climbed to test and potentially break above the key resistance outlined in this previous post:
https://www.tradingview.com/chart/BTCUSDT/9TJmGRpQ-BTC-Updated-Daily-Chart/
If we are able to have a successful break above, the measured move would lead us near SWB:69K with and additional target of our previous ATH. Keep in mind, price did have a previous failed breakout above this trendline before so its very important to wait for confirmations before having conclusive proof.
I have also noticed price could be establishing some sort of inverse H&S pattern (purple). The left shoulder is marked with "L" the head is marked with "H" and the right shoulder is marked with "R". It also looks like we would have a neckline lower than our orange resistance trendline that could show the inverse H&S pattern has already broken to the upside! Of course, in most cases we see a retest of old resistance as new support, but since CPI came out in a strong position it is very important to keep and eye out for what happens next.
https://www.tradingview.com/chart/BTCUSDT/9TJmGRpQ-BTC-Updated-Daily-Chart/
If we are able to have a successful break above, the measured move would lead us near SWB:69K with and additional target of our previous ATH. Keep in mind, price did have a previous failed breakout above this trendline before so its very important to wait for confirmations before having conclusive proof.
I have also noticed price could be establishing some sort of inverse H&S pattern (purple). The left shoulder is marked with "L" the head is marked with "H" and the right shoulder is marked with "R". It also looks like we would have a neckline lower than our orange resistance trendline that could show the inverse H&S pattern has already broken to the upside! Of course, in most cases we see a retest of old resistance as new support, but since CPI came out in a strong position it is very important to keep and eye out for what happens next.
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