Inverse H&S - Bitcoin's long awaited reversal?
Bitcoin has been correcting for 50+ days and many have been waiting for some light at the end of the bearish tunnel. We've seen a significant rally from 6k-8k in the past day or so bouncing roughly off a linear long term trend line I drew. Personally I feel this inverse H&S may well play out as there could be some resistance in passing the 9500 region. Completion of the inverse H&S pattern would provide a signal for the conclusion of the downward trend.
Long term I'm very bullish for Bitcoin as I feel the increasing number of what we currently consider as wild predictions for the future price of Bitcoin (calls of 50k) will draw a lot more attention to the cryptocurrency market which will lead to the inevitable increase in its adoption within society. I feel that once bitcoin can re-establish itself in the 10-12k region there will start to be a great deal of FOMO. However the growth of bitcoin and altcoins will ultimately be determined by regulation and although the European Central Bank have said cryptocurrency regulation is not a priority, it is set to be a major topic of discussion at the G20 summit in March which could significantly impact the market.
I may have stated the obvious or said/done something wrong but I'm a newbie; take pity ;)
Long term I'm very bullish for Bitcoin as I feel the increasing number of what we currently consider as wild predictions for the future price of Bitcoin (calls of 50k) will draw a lot more attention to the cryptocurrency market which will lead to the inevitable increase in its adoption within society. I feel that once bitcoin can re-establish itself in the 10-12k region there will start to be a great deal of FOMO. However the growth of bitcoin and altcoins will ultimately be determined by regulation and although the European Central Bank have said cryptocurrency regulation is not a priority, it is set to be a major topic of discussion at the G20 summit in March which could significantly impact the market.
I may have stated the obvious or said/done something wrong but I'm a newbie; take pity ;)
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