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BTCUSD- Inverted Head and shoulder (Buy on dips)

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Chart pattern- Inverted Head and Shoulder

Potential reversal zone- $52530.

BTCUSD showed a minor jump of nearly $1000 from a minor bottom of $57477. It hit a high of $58777 and is currently trading at around $58506.


According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 67% from 30% a week ago.

Technicals-

BTCUSD trades above the short-term moving average 34- EMA below 55 EMA and below the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $57000. Any break below will take it to the next level at $55000/$52500/$50000/$46000.

Bull case-

Primary supply zone -$60800. Any break above confirms a intraday bullishness. A jump to $61800/$63000/$65000/$67000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

It is good to buy on dips around $57500-550 with SL around $52000 for TP of $70000.
註釋
Any close above $60600 will take BTC to $65000/$67000.
註釋
BTC flying

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