I don't expect anyone to read or find this, but if you're here welcome! Here's something I think may be brewing in BTCUSD.
It seems like there may be a small Inverse Head and Shoulders pattern developing in BTCUSD. Looking at the neckline of this pattern you can see that it is angled upward quite a bit. A steep upwards angle of the neckline in an IH&S pattern typically indicates that the pattern is very strong. This smaller IH&S pattern forming after the recent failure to break up of the much larger IH&S pattern previously makes a lot of sense with BTCUSD's history. The H&S pattern from the all-time high did not fall immediately to its downside target. Instead, a series of smaller H&S patterns popped up until the eventual breakdown.
Though this is hopeful, the pattern may encounter some issues along the way. If the pattern is to come close to completing the right shoulder it would be met with immediate resistance in the form of the 200 EMA (in purple). This may cause the chart to bounce off the 200 EMA line and continue to wait for another pattern to emerge pushing the value past the resistance. If the pattern is completed and we begin to see movement to the upside, a healthy movement would drop down again to test the 200 EMA as support and then begin its trek up towards the target value. If we see this happen and the MACD, RSI, and VOLUME all show that this push is valid we may see a big surge in the value of BTCUSD.
If you have any opinions of your own that you'd like to discuss respectfully, feel free to drop a comment.
It seems like there may be a small Inverse Head and Shoulders pattern developing in BTCUSD. Looking at the neckline of this pattern you can see that it is angled upward quite a bit. A steep upwards angle of the neckline in an IH&S pattern typically indicates that the pattern is very strong. This smaller IH&S pattern forming after the recent failure to break up of the much larger IH&S pattern previously makes a lot of sense with BTCUSD's history. The H&S pattern from the all-time high did not fall immediately to its downside target. Instead, a series of smaller H&S patterns popped up until the eventual breakdown.
Though this is hopeful, the pattern may encounter some issues along the way. If the pattern is to come close to completing the right shoulder it would be met with immediate resistance in the form of the 200 EMA (in purple). This may cause the chart to bounce off the 200 EMA line and continue to wait for another pattern to emerge pushing the value past the resistance. If the pattern is completed and we begin to see movement to the upside, a healthy movement would drop down again to test the 200 EMA as support and then begin its trek up towards the target value. If we see this happen and the MACD, RSI, and VOLUME all show that this push is valid we may see a big surge in the value of BTCUSD.
If you have any opinions of your own that you'd like to discuss respectfully, feel free to drop a comment.