BTC has completed an iH&S pattern which could be the reversal of the mi-term descending trend and resume the long term ascending trend.
Target at $12,500
Short for short term, long for long term.
Inverse head and shoulder target ($8.87k)
CME gap (around $8.6k)
0.5 retracement from last top (8.34k)
weekly 200 MA (around $8.2k)
POC of VPVR since mid-May ($7.94k)
O.618 fib retracement from ATH ($7.86k)
All this points to a price trending to about $8.5k before being able to go up again.
This would actually be healthy...
Price broke-up descending triangle with strong volume.
Uptrend confirmed after pullback stopped at SMA 100
SMA 18, SMA 50 and EMA 50 (in red) flattening
SMA 200 (not on the chart) at 0.000001
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All comments welcome, eager to learn from anyone ...
