Look at that attached chart.
We can see that the current developing chart pattern has occurred three times in the past month.
Chart Pattern 1
Labelled on the chart is chart pattern one. We see a sell-off forming an inverse head and shoulders. Hourly 50MA is pointing up signalling uptrend on the hourly scale.
The prices break out upwards surprising the bears and Bitcoin climbs from $14k - $17l
Chart Pattern 2
Labelled on the chart is another inverse H&S. This time the hourly 50 MA is pointing down signalling downtrend on the hourly scale. The breakout fails - the hourly 200MA becomes resistance and bitcoin tumbles from $14k - $9k.
Chart Pattern 3
Labelled on the chart is a third inverse H&S. This time the hourly 50 MA is pointing up signalling a potential uptrend on the hourly scale.
If this third inverse H&S breaks to the upside then the price target for the inverse H&S is $13k - $14k range.
If it fails, get prepared for more selling and a new lower low.
We can see that the current developing chart pattern has occurred three times in the past month.
Chart Pattern 1
Labelled on the chart is chart pattern one. We see a sell-off forming an inverse head and shoulders. Hourly 50MA is pointing up signalling uptrend on the hourly scale.
The prices break out upwards surprising the bears and Bitcoin climbs from $14k - $17l
Chart Pattern 2
Labelled on the chart is another inverse H&S. This time the hourly 50 MA is pointing down signalling downtrend on the hourly scale. The breakout fails - the hourly 200MA becomes resistance and bitcoin tumbles from $14k - $9k.
Chart Pattern 3
Labelled on the chart is a third inverse H&S. This time the hourly 50 MA is pointing up signalling a potential uptrend on the hourly scale.
If this third inverse H&S breaks to the upside then the price target for the inverse H&S is $13k - $14k range.
If it fails, get prepared for more selling and a new lower low.