Potential inverse head and shoulders forming
Updated
If BTC drops from the current trend line and hits the long term trend line (bottom line in green) and returns upwards it can be a sign for a bullish move to come by forming an inverse head and shoulders. If this is the case I will be looking to buy in when price is returning upwards from hitting the long term trend line (returning from the bottom of the right shoulder). There is potential for a bullish move upwards as well if the current trend is broken in an upwards manner. Please comment with any additional thoughts or ideas.
Comment
If inv head and shoulders is formed, it is likely to see some resistance at the 200 day EMA in red.
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