Bitcoin Inverted H & S

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Hello everyone.

On the right hand chart (3d), bitcoin is making a push toward the red resistance line. The stochastic RSI looks strong, supporting more upwards movement. A break of the red line would indicate that the current downtrend (since Dec 17th) is over, and we are looking at brighter days ahead. However, since the current bull run indicated by the support line (From July 2017) has lasted 159 days, and we are currently on day 62 of the downtrend, i am more inclined to believe that we need to consolidate abit more until a breakout happens.

However, the left hand hand chart (1d) the RSI shows that the market is extremely overbought, and about to move outside the current scope of the bollinger bands ( A reversal sign). Btc is currently moving between the channel defined by the two green lines, and a break of the support line would indicate that the current movement is done, and we are bound to have a retracement. I would expect bitcoin to have another strong daily candle, then start its reversal during the next 3-4 days.

The overbought conditions on the left hand chart leads me to believe that on a larger timeframe bitcoin is making an inverted H&S , and we still need to form the right shoulder. The bottom of the right shoulder could fall anywhere between 6000-8000 (Green support line to 0.618 retracement of the current move). A break above the red resistance line would invalidate this pattern.

(This is not an signal to buy or sell, it is to be used for educational purposes only)

Happy trading everyone.
評論: There seems to be a bearish divergence in the 4hr RSI, looking to see if the 6hr follows suit. That could be a sign that the current movie is over, and we are looking at a retracement.
評論: Next level of support is at 9000
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