Inverted Head and Shoulder forming. Bullish to 17,500 if valid.
BTC is forming a clear inverted H&S pattern on the 6h/Daily.
We are at a critical price level to either Validate this pattern and see the start of a bounce from here or we will continue the bear trend to retest the 8000 dollar supply zone and even lower if momentum continues in this direction.
Points to note:
1. PPO and RSI bullish divergence in the making
2. Stoch RSI oversold
3. MACD is bearish to neutral
4. CCI is bouncing back up from oversold territory
5. Volume profile seems to confirm early the validity of the pattern
Early indications show that this pattern is into play but a trade should only be entered at the break of the neckline with volume confirmation.
Trade safe.
We are at a critical price level to either Validate this pattern and see the start of a bounce from here or we will continue the bear trend to retest the 8000 dollar supply zone and even lower if momentum continues in this direction.
Points to note:
1. PPO and RSI bullish divergence in the making
2. Stoch RSI oversold
3. MACD is bearish to neutral
4. CCI is bouncing back up from oversold territory
5. Volume profile seems to confirm early the validity of the pattern
Early indications show that this pattern is into play but a trade should only be entered at the break of the neckline with volume confirmation.
Trade safe.
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