BTC is looking rather bullish... After breaking out of the downward trend, BTC confirmed bullish movement and has been marching its way up. On the way up, there are a couple of price points that require further confirmation of the bull case to continue its move up. Any lack of support from the bulls to push the price higher can also result in drop in prices. However, there are less chances of price direction reversal based on view of the BTC charts.
From a chart pattern standpoint, BTC is completing the inverse head and shoulder pattern. The first price target is when I personally watch the charts for further guidance on market directions. Once the first price target is reached, you can consider taking half of profits, and watch the price action for further confirmation of the market before moving in either direction. After confirmation of the direction toward the second price target, you can consider adding to positions.
This is only my reading of the charts and is not meant to be considered as financial or trade advise, and is only intended to share trading ideas with other traders. Good luck trading!!
From a chart pattern standpoint, BTC is completing the inverse head and shoulder pattern. The first price target is when I personally watch the charts for further guidance on market directions. Once the first price target is reached, you can consider taking half of profits, and watch the price action for further confirmation of the market before moving in either direction. After confirmation of the direction toward the second price target, you can consider adding to positions.
This is only my reading of the charts and is not meant to be considered as financial or trade advise, and is only intended to share trading ideas with other traders. Good luck trading!!