BITCOIN TO BOUNCE - INVERTED H&S - RETRACEMENT COMPLETE?
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.
This level is also key support and past resistance which adds to the strength of this level and its chances of holding.
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.