BTC - Inverse Head and Shoulders - M15 Break Out

26 במאי 2021

Here we see Bitcoin has followed this inverse head and shoulder pattern nicely and looks to complete the right shoulder and break out to the upside pushing up to the next resistance zone between $41,500 and $43,000 USD. Larger Head and Shoulder pattern is in play on larger timeframes, indicating a push down from the highlighted SELL ZONE. Two scenarios are on the table. The first is a push back down beneath the SELL ZONE indicating a correction down to complete the larger right shoulder with opportunity to buy back in. The second scenario will see Bitcoins price push beyond the $43,000 resistance in which case upon the re-test of the SELL ZONE providing a nice confirmation BUY with strong upside potential from this point.