BTCUSD Bullish inverted Head & Shoulders formation, NOT!Hello Crypto-Traders/Analysts,
BTCUSD has created an inverted Head and Shoulders formation lately; it is a bullish-reversal price pattern. However, the pattern has been violated recently by the price falling below the right-shoulder's level (intra-daily). As a result neither the inverted pattern, nor its failure, have been confirmed yet.
That being said, i am leaning towards the bearish scenario because of the continued lower lows on both price and the SlowStochastic indicator. So, an ideal position would be a short when the price manages to breach below the $3,500 level. The expected target in the case of such formation-failure would be the distance between the neck-line and the inverted-head's trough; the mentioned suggests a price target of $2,450 (that is a 30% down from the trigger).
Now, in case I am wrong (which I often am, according to my wife), proper Stop/Reverse-to-long on this opinion would be a price movement above $4,100, and looking at $5,250 as a target.
Fellow Crypto-Traders/Analysts: please do not hate me and/or my bearish outlook on BTCUSD. I have no position in BTCUSD; as a result, I am indifferent whether BTCUSD goes up/down.
*Always remember: this is an opinion, not a recommendation*
May the trend be with you
