JayanVarsani

BITCOIN TO BOUNCE - INVERTED H&S - RETRACEMENT COMPLETE?

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
It seems as though the 61.8% retracement level is holding. Time will tell until we can determine whether this level is the final low before a correction upwards, past previous short-term highs.
This level is also key support and past resistance which adds to the strength of this level and its chances of holding.

On the 4H-1D timeframe, we can see formation of an inverted head and shoulder pattern. Should this 61.8% retracement hold, it may contribute to the formation of the right shoulder and allow price action to reach prior short-term highs and may even result in further highs to $4400+.

In summary, there is a strong chance that this level will hold and we head further up although we haven't made a higher high.
I am currently in a position averaging at $3625 and have a stop-loss upon a 4H/1D close below this $3600 region. Closing below this region will open possibilities of prices heading down to and below the 3100 region.
Comment: As forecasted, we are currently experiencing a price surge back up. We shall see if this is sustained over the coming days. This is a good sign however. The level gave support and allowed BTC to rebound.

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