Bitcoin's Inverse Head & Shoulders Playing Out As Forecasted

1 Jul

Five weeks ago I made my first analysis on this pattern where I argued that the dotted purple support was my ideal target for an inverse H&S reversal pattern.

Once we were there it was a moment of truth for the bulls. My initial trade had a stop that was too tight. Nevertheless the overall idea was a success since we've now successfully reversed from my purple support area.

The daily RSI hitting oversold for the first time in almost a year was a great entry signal for crypto as a whole.

I'm expecting the bullish trend to continue at least for the next few weeks towards the top resistance (neckline) of the H&S.

Keep in mind, the inverse H&S is not completed yet. Once we hit the neckline (and ideally break through it) we can see a new all-time high coming soon.

Are you bullish or bearish? Share your thoughts.