Bitcoin: Moment Of Truth For Bulls! Inverse Head & Shoulder

٢٤ يونيو

Two weeks ago I made an analysis where I discussed a potential short-term bearish view on Bitcoin's price, see below. I argued that if I were a bull, I'd wait for either a new all-time high break out or a sizeable correction before stepping in the market again.

As seen on the chart, my purple support line is holding (for now!). A reversal from this area would make it a perfect inverse head & shoulders pattern, which is a bullish reversal pattern.

To strengthen my short-term bullish view, Bitcoin's daily RSI has hit oversold for the first time since August 2023, 10 months ago!

Patient bulls have been waiting for a long time for the RSI to hit oversold again on the daily.

Whether it will be enough remains to be seen. However, I can clearly see that there's a great bullish short-term opportunity here. See signal on the chart. Be aware, it's a risky trade.

٢٤ يونيو

ملاحظة

Going down hard. If SL is taken out we can dump to 57k before any meaningful reversal.

٢٤ يونيو

ملاحظة

SL hit. Next support around 57k