Bitcoin Price Analysis Today: Watch Out for a Price Bottom
November 25, 2018 to current date is the primary focus of the today's Bitcoin Analysis, with price action between the above mentioned dates forming a bottom reversal pattern (ideally bullish) referred to as a complex, inverted head and shoulders pattern.
The bullish reversal pattern is also known as a complex head and shoulders bottom pattern. The implications of the pattern is the same as an inverted head and shoulders pattern....only difference being that it is referred to as "complex" due to the presence of more than one Left shoulder (LS) and right shoulder (RS) in this case.
~$3204.30 and $4451.70 is used as the vertical distance between the Head (H) of the pattern and its neckline. It is very important to understand that the bullish pattern identified above is tentative. It becomes confirmed only if price closes above neckline.
The vertical distance between the neckline and Head(H) can then be projected onto the breakout point to determine the minimum distance for the bullish price swing once price closes above the neckline.
The Point of invalidation (POI) of the chart pattern is a price close below the Head (H) at ~$3204.30.
The bullish reversal pattern is also known as a complex head and shoulders bottom pattern. The implications of the pattern is the same as an inverted head and shoulders pattern....only difference being that it is referred to as "complex" due to the presence of more than one Left shoulder (LS) and right shoulder (RS) in this case.
~$3204.30 and $4451.70 is used as the vertical distance between the Head (H) of the pattern and its neckline. It is very important to understand that the bullish pattern identified above is tentative. It becomes confirmed only if price closes above neckline.
The vertical distance between the neckline and Head(H) can then be projected onto the breakout point to determine the minimum distance for the bullish price swing once price closes above the neckline.
The Point of invalidation (POI) of the chart pattern is a price close below the Head (H) at ~$3204.30.
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