BTC Inverse Head & Shoulders,Overview and possible price paths
Updated
Although BTC can seem fairly hard to read right now I am thinking we are leaning towards a dump off because of the following factors:
Volume is decreasing while price is increasing - Could be a potential sign of a trend change.
-We are at the edge of a supply zone,
-Potential completed Elliot waves,
-Broken diaganol support (but also broke upwards out of resistance which could of been to fill short orders)
-Stocastic possibly forming wedge pattern and next move would be down
Notice the most recent high we have come under the 0.618 (right chart), until we close above this I don't see the IH&S having any chance of playig out.
Volume is decreasing while price is increasing - Could be a potential sign of a trend change.
-We are at the edge of a supply zone,
-Potential completed Elliot waves,
-Broken diaganol support (but also broke upwards out of resistance which could of been to fill short orders)
-Stocastic possibly forming wedge pattern and next move would be down
Notice the most recent high we have come under the 0.618 (right chart), until we close above this I don't see the IH&S having any chance of playig out.
Trade closed: target reached
This call played out nicely
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.