Bitcoin Inverted Head and Shoulders on the 1HR
Is this an inverted head and shoulders on the 1HR chart? Bullish divergence on the RSI and trend lines suggest so.
Wait for a break to the upside of the confirmation line and golden circle, or a breakout to the upside with the completion of the right shoulder.
Profit targets can be set at $6650 and $7148 as long as we breakout of the entire pattern to the upside. Be advised, the hourly and daily fibo extension targets lay ahead, along with the potential crown reversal zone.
This pattern becomes invalidated with a breach and close of the trading range support at $5744.20. Other supports to the downside are $5590 (trading range), $5529 (sub-key fibo), along with a fibo extension at $5234.
GLWT!
-Erik
Wait for a break to the upside of the confirmation line and golden circle, or a breakout to the upside with the completion of the right shoulder.
Profit targets can be set at $6650 and $7148 as long as we breakout of the entire pattern to the upside. Be advised, the hourly and daily fibo extension targets lay ahead, along with the potential crown reversal zone.
This pattern becomes invalidated with a breach and close of the trading range support at $5744.20. Other supports to the downside are $5590 (trading range), $5529 (sub-key fibo), along with a fibo extension at $5234.
GLWT!
-Erik
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