Inverse head and shoulders pattern (Bitcoin)
Its 3am right now I just wanted to get this chart out there and ill update it a bit tomorrow. But the main idea really is that support has been found on the upward trend line starting back in September and the price has closed nicely above it. On the 1D chart a clear head and shoulders pattern has been formed. The problem is that at some point to complete the pattern at the neck line Bitcoin is going to have to get through the downward channel. A attempt was made a few days ago but failed to close above. This just shows how powerful this channel is. I believe that the only way to break through this channel will be with the support from the upward trend line. If we were to break through the downward channel and reach the neckline of the head and shoulders pattern this would be extremely bullish. Although this pattern is bullish it must first be completed.
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.