…the one that we can see on BITCOIN chart right now and, in general, in mostly all the crypto market nowadays…
It is the famous Inverted Head and Shoulders pattern which used to anticipate a change on the price action, in this case upwards.
These kind of pattern often are identified as reversal patterns despite they could also indicate a continuation patterns as well.
What I don’t like at all is that the volume does not look to support the positive direction of the price according to that pattern so, I am afraid we are going to wait some time in order to see if BTC has enough power to cross the neckline.
The inclined neckline shows that 12000 USD can be a good entry point if the volume increases since it will confirm the end of the correction and the resume of the uptrend. If so, the target according to this pattern would indicate a rise around 14500 USD.
As usual, pay attention to the chart and anticipate the move in order to get the most from it.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Get involved!
Comments