Inverse head and shoulders could complete soon on Bitcoin 6hr
Bitcoin looks to be forming an inverse head and shoulders pattern on the 6 hour chart. If the current uptrend continues and the indicated neckline trendline is broken to the upside, then I've indicated a potential target marked in red based on:
(1) measurement from head to neckline of inverse head and shoulders pattern
(2) previous price action levels ranging back to November 2017
(3) a major fib level (34) on our grand fib overlay - these levels tend to be points of interest historically
6 Hourly MACD histogram is turning bullish, 6 hourly Stochastic RSI is oversold and turning upwards.
Least risk would be to wait for break out of the neckline and a possible retest before going long.
(1) measurement from head to neckline of inverse head and shoulders pattern
(2) previous price action levels ranging back to November 2017
(3) a major fib level (34) on our grand fib overlay - these levels tend to be points of interest historically
6 Hourly MACD histogram is turning bullish, 6 hourly Stochastic RSI is oversold and turning upwards.
Least risk would be to wait for break out of the neckline and a possible retest before going long.