BitcoinUpdated Bitcoin Inverse H & S, can it materialise
Hi traders
Inverse H & S formed. Lets see if it will hold.
Neckline - watch for retest bounce. Target 11,100
Option 1
Breaks through the neckline it will be subwave 3 commencing and we are currently in completion of wave c of subwave 2
Option 2
Bounce off neckline indicates completion of bear market truncation reversal pattern which will end up being subwave 3 impulse upward.
Option 3
Proceeding without going back to retest neckline, be careful of a bull trap (will be option 1 in disguise). Needs further retracement at this level to validate first wave.
Only for educational not intended as trading advice.
Chur
Inverse H & S formed. Lets see if it will hold.
Neckline - watch for retest bounce. Target 11,100
Option 1
Breaks through the neckline it will be subwave 3 commencing and we are currently in completion of wave c of subwave 2
Option 2
Bounce off neckline indicates completion of bear market truncation reversal pattern which will end up being subwave 3 impulse upward.
Option 3
Proceeding without going back to retest neckline, be careful of a bull trap (will be option 1 in disguise). Needs further retracement at this level to validate first wave.
Only for educational not intended as trading advice.
Chur
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.