Bitcoin (BTC/ USDT) POTENTIAL INVERSE H&S!

almost 2 years ago

In the last hours Bitcoin is trying to break the downtrend, in the short term or it may be a technical bounce and the price is ending to form a Bullish Shoulder Head Shoulder.

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A few days ago, the sentiment of investors, including myself, was that bitcoin could continue to fall, although the signs said otherwise.

Today we are already at 21,200 but there is a lot of uncertainty in the crypto market.

How is the inverted SHS formed?

After the abrupt drop in the price of Bitcoin in recent weeks, we see that the price has bottomed in recent days at 17500

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On the chart we can see a breakout point where the price accelerates its decline and we see that it has not broken out yet.

In the last few days, I see a possible SHS formation in the price of Bitcoin.

At the time of this post, we see that price is forming the man on the right.

When it forms, it could retest to break resistance and start a bullish momentum.

Analysis of the last hours

What we do see in the price of Bitcoin is that in the last few hours it has bounced higher, it is trying to break a resistance at $21,100, which is a sign of an uptrend or bullish rebound in the short term.

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The break must be with good volume

If it breaks to the upside, confirming the figure, it would bring the price closer to $26,800.

200 MA line period

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If the inverted H&S holds, this target price would coincide with the mid-line of the 200-period daily chart.

Another possibility

It is that Bitcoin cannot overcome the resistance of $21,100 with good volume, do not confirm the H&S and pull back the price.

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I will expand on that in a next post.

And what do you think Up or Down?

Protect your assets use Stop loss

The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.

We will continue monitoring
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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