Bitcoin showing two bullish possible scenarios
You can see here that the inverse head and shoulder pattern is still a potential play.
On a bigger picture, a bullish pennant has formed with a target in the 15-16k range. BTC has been consolidating since the spike in late June. We know that there is a significant amount of overhead resistance at 12k and 13.8k so we will have to see how BTC plays out.
If the pennant plays out, BTC has the potential to fall back to the trend line at the 10.3k-10.4k level before heading upwards.
A drop below 10.2k would be bearish for the short term.
On a bigger picture, a bullish pennant has formed with a target in the 15-16k range. BTC has been consolidating since the spike in late June. We know that there is a significant amount of overhead resistance at 12k and 13.8k so we will have to see how BTC plays out.
If the pennant plays out, BTC has the potential to fall back to the trend line at the 10.3k-10.4k level before heading upwards.
A drop below 10.2k would be bearish for the short term.
Penafian
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