Possible Inverse Head & Shoulders Pattern Forming -- 30 May 2018

I hope all of you are doing well and had a good Memorial Day weekend. Tonight's chart makes one thing abundantly clear.....I am severely lacking in artistic ability! That said, I do see the makings of an inverse head & shoulders pattern on the Bitcoin hourly chart. The price action has definitely been a bit choppy lately, but the general outline is there.

To anyone who is in the early stages of their learning in technical analysis -- and I include myself in that category -- an inverse head & shoulders pattern is formed when an asset's price shifts from making continually lower highs and lower lows (i.e., a downtrend) to establishing higher lows and higher highs (i.e., an uptrend).

It basically forms the shape of the letter "W", but with the middle section lower than the left or right side. That middle section is lower than either side because it's the last lower low, so...hitting the bottom. And then the shift begins.

If you've been patiently waiting to take a long position, the range BTC is currently in may be an area you want to consider. I hope some of you found this helpful. Have a good night.