While it's true that Bitcoin has formed an inverted head and shoulders strong trend changing pattern, I am not really confident about it breaking to the upside.
Why? Because the upper neckline is formed by a downtrend line, rather than a horizontal line. Meaning there is a trend of lower highs.
So I am not buying yet back into crypto market with my spot portfolio.
A break above pivot high at $40841 will confirm this pattern breakout to the upside.
However a break below $35000 can have fatal consequences as Bitcoin needs to see buying pressure right from this dip to $35000 otherwise..
The daily MACD will give print another selling wave.
Daily RSI will find resistance at 40, meaning bearish presence will be dominating the market as it is now.
What about the right shoulder just being a bearish head and shoulders by itself?
TiborVrbovsky
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@cryptoguru292, Unlikely, but this regular head and shoulders on 4h time frame also looks decent.
KiaansPapa
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Other charts showing between 29k and 32k with support. Mention of whales at 27k. Going lower for sure. How low will we go and does it come back up or completely take a shit. All I see from these charts is that unless it comes back up and breaks 41K or breaks below 27K we won't know shit. So watch it just bounce around in a channel for a few weeks in June. Fun stuff. Nice chart. Thank you.
ontherunsince1905
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@TiborVrbovsky , thanks for this. Now that we've broken the 35k-mark, where do you think we'll end up?
like, this is another reason that prices are going to increase.
TiborVrbovsky
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@AhmadAnil, From multi frame analysis is the price is more likely to decrease then increase so be careful! Current moves to the upsides are only oversold corrections.
Hi!, I found your analysis very interesting. I would like to ask you, why you didn't use the wicks of the candles has the points of the head and shoulders and instead you used the body to draw your figure?
Thank you!
TiborVrbovsky
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@medraunt, Wicks are very temporary and I mostly look at the closes, where the price was stuck longer rather than a one time spike. Wicks are good for spotting a trend of lows and highs.