Bitcoin - A failed head and shoulders pattern?
Updated
Schwager (1996) suggests that profitability from failed patterns is often greater than from correct patterns.
At the moment, #bitcoin is in the process of ratifying a failed head and shoulders pattern. With the daily candle already above this 45k range, it would imply a move further to the upside. Immediate upside is 48-49k while a larger move would put us close to the ATH's that Bitcoin was at previously.
A couple other things we can notice is RSI has broken out of it's downward trend and is showing strength to the upside, MACD is also turning positive.
the recent #BTC ETF will also give Bitcoin more inflow and exposure into the space giving more upside potential.
That all being said - This could just be the formation of the right shoulder that has taken longer to form. If
BTC falls back below 45k and into the 43k we would need to reassess the market and see what is going on.
Cheers,
TCD
At the moment, #bitcoin is in the process of ratifying a failed head and shoulders pattern. With the daily candle already above this 45k range, it would imply a move further to the upside. Immediate upside is 48-49k while a larger move would put us close to the ATH's that Bitcoin was at previously.
A couple other things we can notice is RSI has broken out of it's downward trend and is showing strength to the upside, MACD is also turning positive.
the recent #BTC ETF will also give Bitcoin more inflow and exposure into the space giving more upside potential.
That all being said - This could just be the formation of the right shoulder that has taken longer to form. If
BTC falls back below 45k and into the 43k we would need to reassess the market and see what is going on.Cheers,
TCD
Note
The immediate upside is happening rather quickly. We have already almost hit the 48-49k range. We want to keep an eye on these recent highs, a break of these would start confirming a move further to the upside at Bitcoin's previous ATH's.Trade active
Already hitting 50k in a short amount of time.Trade closed: target reached
All targets hit, this might go higher though.
Opinions on Chart's, not financial advice.
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