BTC - Attempting Breakout
BTC has currently climbed to test and potentially break above the key resistance outlined in this previous post:
https://www.tradingview.com/chart/BTCUSDT/9TJmGRpQ-BTC-Updated-Daily-Chart/
If we are able to have a successful break above, the measured move would lead us near SWB:69K with and additional target of our previous ATH. Keep in mind, price did have a previous failed breakout above this trendline before so its very important to wait for confirmations before having conclusive proof.
I have also noticed price could be establishing some sort of inverse H&S pattern (purple). The left shoulder is marked with "L" the head is marked with "H" and the right shoulder is marked with "R". It also looks like we would have a neckline lower than our orange resistance trendline that could show the inverse H&S pattern has already broken to the upside! Of course, in most cases we see a retest of old resistance as new support, but since CPI came out in a strong position it is very important to keep and eye out for what happens next.
https://www.tradingview.com/chart/BTCUSDT/9TJmGRpQ-BTC-Updated-Daily-Chart/
If we are able to have a successful break above, the measured move would lead us near SWB:69K with and additional target of our previous ATH. Keep in mind, price did have a previous failed breakout above this trendline before so its very important to wait for confirmations before having conclusive proof.
I have also noticed price could be establishing some sort of inverse H&S pattern (purple). The left shoulder is marked with "L" the head is marked with "H" and the right shoulder is marked with "R". It also looks like we would have a neckline lower than our orange resistance trendline that could show the inverse H&S pattern has already broken to the upside! Of course, in most cases we see a retest of old resistance as new support, but since CPI came out in a strong position it is very important to keep and eye out for what happens next.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.