BTCUSD - Nailed It, Clear Sailing?
My Inverse H&S call a few days ago broke out initially but then fell back into the pattern. Welp, woke up this morning to find out that it tested the neckline for the second time, and this time it broke out in a big way! A $1,200 Breakout, through all relevant Moving Averages and all remaining trendlines of resistance. Officially, BTC has broken out of the massive downward wedge pattern that it formed following its ATH. Immediately after breaking out, it tested the wedge trendline as support which held up... for now.
Also very bullish is the RSI which broke out from its asending wedge pattern and now is operating above 70 in that rarified air on the 4 Hour Interval. Not shown here, but on the 1 Day Interval the RSI broke 50 which is also a very bullish indicator.
Things are looking pretty good and this could be the turn around that we have all been waiting for. But these are still crucial hours because BTC needs to remain outside of the large downward wedge pattern. The more it bounces on top of the pattern testing it as support, the more chances it has to break back through downward and back into the pattern making this a fake breakout. I will feel more confident 4 hours form now if another candle closes on top of the pattern.
Also very bullish is the RSI which broke out from its asending wedge pattern and now is operating above 70 in that rarified air on the 4 Hour Interval. Not shown here, but on the 1 Day Interval the RSI broke 50 which is also a very bullish indicator.
Things are looking pretty good and this could be the turn around that we have all been waiting for. But these are still crucial hours because BTC needs to remain outside of the large downward wedge pattern. The more it bounces on top of the pattern testing it as support, the more chances it has to break back through downward and back into the pattern making this a fake breakout. I will feel more confident 4 hours form now if another candle closes on top of the pattern.
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