Potential Bullish set up for Bitcoin!
Hello Everyone,
With all of the dumpage that happened, I have been searching for a potential bullish set up. It is looking like there is an inverted head and shoulders forming on the 1 - 6 hour chart. This pattern generally plays out and is very bullish. It also indicates a reversal.
Here are the technicals:
1. Inverted Head and shoulders forming on the 1 hour chart within a symmetrical triangle.
2. MACD is weakening to provide a small "dump" to form the left shoulder of the IHS.
3. Daily rejected 200 MA. I believe this indicates another small "dump" which will form the right shoulder.
4. This pattern and drop look very similar to the dump in March of 2020. An IHS formed which set us off from $5,000 to $10,000.
5. Daily timeframe MACD is showing weakening selling momentum. This indicates that selling is coming to an end and buying can start commencing.
6. 1 Hour RSI is indicating a "small dump" by being very overbought in the short term.
I hope this helps some of you make potential buys, especially if you have been waiting for "signals".
As always, use risk management, be patient, and good luck trading!
With all of the dumpage that happened, I have been searching for a potential bullish set up. It is looking like there is an inverted head and shoulders forming on the 1 - 6 hour chart. This pattern generally plays out and is very bullish. It also indicates a reversal.
Here are the technicals:
1. Inverted Head and shoulders forming on the 1 hour chart within a symmetrical triangle.
2. MACD is weakening to provide a small "dump" to form the left shoulder of the IHS.
3. Daily rejected 200 MA. I believe this indicates another small "dump" which will form the right shoulder.
4. This pattern and drop look very similar to the dump in March of 2020. An IHS formed which set us off from $5,000 to $10,000.
5. Daily timeframe MACD is showing weakening selling momentum. This indicates that selling is coming to an end and buying can start commencing.
6. 1 Hour RSI is indicating a "small dump" by being very overbought in the short term.
I hope this helps some of you make potential buys, especially if you have been waiting for "signals".
As always, use risk management, be patient, and good luck trading!
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