Bitcoin Analysis [January 28, 2022]
BITCOIN analysis update (Daily Chart)
(Inverted Head and Shoulder Pattern)
Focusing on most current price action, we have a small on-going Inverted Head-and-Shoulder pattern formation. We will be expecting the push to the FIB 61.8% zone where we should be expecting good price reaction, before the continuous push to its 100.0% zone after the 61.8% zone is successfully broken to the upside. The ultimate take profit zone is its 161.8% zone.
This pattern is invalidated if price drops and closes below FIB 0.00% zone.
Note that it is not a necessity that price action follows the path drawn but this gives an insight to what is expected.
Kindly note this is not a signal. This article is for educational purpose and not a financial advice. As we know, the cryptoverse is a highly volatile ecosystem. Do your due diligence.
(Inverted Head and Shoulder Pattern)
Focusing on most current price action, we have a small on-going Inverted Head-and-Shoulder pattern formation. We will be expecting the push to the FIB 61.8% zone where we should be expecting good price reaction, before the continuous push to its 100.0% zone after the 61.8% zone is successfully broken to the upside. The ultimate take profit zone is its 161.8% zone.
This pattern is invalidated if price drops and closes below FIB 0.00% zone.
Note that it is not a necessity that price action follows the path drawn but this gives an insight to what is expected.
Kindly note this is not a signal. This article is for educational purpose and not a financial advice. As we know, the cryptoverse is a highly volatile ecosystem. Do your due diligence.
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