BTC Inverse H&S neckline break
It looks like the inverse head and shoulders pattern I was mentioning a couple of days ago has completed and the neckline has started to break upwards. The head and right shoulder also look to have followed the upward channel trend support (white lines) fairly well, so although there is still some leeway for some slight downward dips, the potential is not great.
This looks to be a good trend for BTC and potentially alts to follow afterward. If the current trend holds, it should be able to bring the price to 70K and above. There is additionally a larger, longer-term ascending triangle formation that could lead the price even higher.
It should be interesting to see if the price holds above the neckline as well as if a slight dip might occur before it continues upward, but either way, it looks to be positive news for bitcoin. I would also love read any evidence to the contrary if anyone sees anything, as your opinions are welcome. The closest I can see is the continuing downward trend on RSI which has the potential for a bearish trend if it does not break as price climbs. There is additionally potential for issues from the Pi Indicator crossing. Neither of those trends look to stand out fully as an indication of a reversal, but definitely something to keep an eye out for.
This looks to be a good trend for BTC and potentially alts to follow afterward. If the current trend holds, it should be able to bring the price to 70K and above. There is additionally a larger, longer-term ascending triangle formation that could lead the price even higher.
It should be interesting to see if the price holds above the neckline as well as if a slight dip might occur before it continues upward, but either way, it looks to be positive news for bitcoin. I would also love read any evidence to the contrary if anyone sees anything, as your opinions are welcome. The closest I can see is the continuing downward trend on RSI which has the potential for a bearish trend if it does not break as price climbs. There is additionally potential for issues from the Pi Indicator crossing. Neither of those trends look to stand out fully as an indication of a reversal, but definitely something to keep an eye out for.
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