Hello all, let's make it quick and detail here about the short term bias of bitcoin.
We have seen a very long consolidation movement from bitcoin since 7 days ago. And usually when the price is entering the consolidation zone, there will be a pattern to be formed whether it's a triangle or HnS. This time the price in the consolidation zone is forming a potential play of the Inverse Head and Shoulder pattern which usually end up bullish for short term.
The confirmation of entering the long position is whenever the price has broken out of the blue region in the short term with a significant volume comparing the previous session. Currently I'm watching a potential break out of this pattern. The target will be at the white region which has an alignment with the yellow resistance trend line. This will be a good trade with a decent Risk to Reward.
We have seen a very long consolidation movement from bitcoin since 7 days ago. And usually when the price is entering the consolidation zone, there will be a pattern to be formed whether it's a triangle or HnS. This time the price in the consolidation zone is forming a potential play of the Inverse Head and Shoulder pattern which usually end up bullish for short term.
The confirmation of entering the long position is whenever the price has broken out of the blue region in the short term with a significant volume comparing the previous session. Currently I'm watching a potential break out of this pattern. The target will be at the white region which has an alignment with the yellow resistance trend line. This will be a good trade with a decent Risk to Reward.
