BTCUSD: Bullish on Inverse Head & Shoulders.

Bitcoin is on a 1D Inverse Head and Shoulders pattern, with the short term trend currently neutral within a rather wide neckline (RSI = 46.660, ADX = 38.650, CCI = 25.6070, Highs/Lows = 0.0000). Typically this is a medium term reversal pattern and since the long term trend has been bearish, the price should technically test at least the neckline's Resistance at 4,384 with the 0.382 1D Fibonacci retracement level at 4,463.10 still a solid long TP. The support zone is at 3,548.50 - 3,652.10 and below this level the price resumes the bearish trend towards 3,200 and 2,800 in extension. If BTC crosses the 0.500 Fibonacci level (4,850) then it will attract more retail buyers and we can start considering a more sustainable bullish reversal.





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