Huge BTC Rally poised for Valentines Day if inverse H&S confirms
All of our major trend lines are converging. And the point at which the two most dominant uptrend and downtrend lines intersect with one another ( the uptrend line from $1250 from June 2017 and the Downtrend line starting from 20K from January 2017) — the point at which they intersect also happens to be exactly where this current inverse head and shoulders would confirm its breakout from the shoulder line.
Also! In the event of that confirmation, we would expect to see the 50 Moving Average and 200 Moving Average on the Daily Chart to form a golden cross at this convergence point as well.
All together, this makes the confirmation of this current Inverse H&S a tremendously important event and will very likely be the start of a significant bull rally. I would expect this to occur in the next 2-3 weeks.
However, as a result of this, as the exact bottom of shoulder 1 isn’t exactly clear, we may test as low as 7800. Although, its possible we’ve already completed the bottom of the second shoulder. — Just be aware this is a possibility.
And in the event shit gets crazy and the inverse H&S ends up being invalidated, this will likely move sideways until it meets the wedge of the minor up and downtrend lines- and at that point be forced to make a move.
And its important to note that we are currently in a sort of neutral zone. Anything below 7425 would put bitcoin in control by the bears and anything above 9415 would put the bitcoin in control by the bulls
Update idea
Also! In the event of that confirmation, we would expect to see the 50 Moving Average and 200 Moving Average on the Daily Chart to form a golden cross at this convergence point as well.
All together, this makes the confirmation of this current Inverse H&S a tremendously important event and will very likely be the start of a significant bull rally. I would expect this to occur in the next 2-3 weeks.
However, as a result of this, as the exact bottom of shoulder 1 isn’t exactly clear, we may test as low as 7800. Although, its possible we’ve already completed the bottom of the second shoulder. — Just be aware this is a possibility.
And in the event shit gets crazy and the inverse H&S ends up being invalidated, this will likely move sideways until it meets the wedge of the minor up and downtrend lines- and at that point be forced to make a move.
And its important to note that we are currently in a sort of neutral zone. Anything below 7425 would put bitcoin in control by the bears and anything above 9415 would put the bitcoin in control by the bulls
Update idea
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Boom.
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We are at resistance of the $1025 uptrend line currently. Breaking it would be a good catalyst for a rally
If this current breakout fails, that would be the move.