Inverse H&S on BTC with potential Break Out to 7850 USD
Besides the bearish sentiment in the market, the obvious bear trend we are in, missing momentum and volume in BTC, there is still a chance to see an inverse H&S building up with a break out to the 7850 USD level.
If we bounce / grind up from here we have a beautiful inverse H&S formig which would be very bullish.
Measuring the the distance of the neckline to the Head and adding this to the neckline we could see a break out to around 7850 which also coincides with the trendline which is building since Jnauary this year with 3 touchpoints so far.
Further positive indicator is the Stoch RSI which crossed over on the weekly. So far we have seen mostly a ~1.3 ratio between the "bear weeks" and the "bull weeks" this would even indicate a higher bounce >8000 USD.
All a big if and there is still the possibility that we break the current shoulder line and resistance around 6000 USD which would probably result in a sell off and bring us probably close to the anticipated 5000 USD mark.
If we bounce / grind up from here we have a beautiful inverse H&S formig which would be very bullish.
Measuring the the distance of the neckline to the Head and adding this to the neckline we could see a break out to around 7850 which also coincides with the trendline which is building since Jnauary this year with 3 touchpoints so far.
Further positive indicator is the Stoch RSI which crossed over on the weekly. So far we have seen mostly a ~1.3 ratio between the "bear weeks" and the "bull weeks" this would even indicate a higher bounce >8000 USD.
All a big if and there is still the possibility that we break the current shoulder line and resistance around 6000 USD which would probably result in a sell off and bring us probably close to the anticipated 5000 USD mark.