BTC/USD inverted H&S or more bear trend?
Updated
For 4h time frame I expect 2 possible scenarios. Since in 1h chart the inverted H&S is triggered, the 200 and 128 MA golden cross is happening at right shoulder and also with the bullish news coming out recently specially the ETF news I think the most expected scenario is inverted H&S . However there is another possibility which is forming a triangle pattern that is a continuation pattern to downside and further drop in BTC price. I considered the second scenario because when the majority (almost 91% of traders who are losers in the market) expect some trend and pattern (the bullish inverted H&S here) to happen the exact opposite happens and only the minority of traders with big money (the 9% winners) gain in such situations. So I will be cautious about this situation. Also I suggest you to check the weekly chart with two MA of 30 and 50 period which is approaching to a death cross. However, since the price is far from the MA some rises in price (probably with this inverted H&S pattern that is forming) is expected to bring the price closer to MA and the death cross area which is going to happen within almost three weeks (check Tone Vays recent TAs).
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The inverted H&S was triggered and it is half way to the target area. My take profit is at 7750$. Hope you have also had a good trade.Trade closed: target reached
My target was at the bottom of target area which was reached (This point has several resistance lines that the main one is the line that connect the bottom of earlier lowes 6k, 6.45k and 7.04k)
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