Hello traders!
Bitcoin's 4H chart paints a picture of an inverse head and shoulders pattern with a descending neckline. This is an extremely bullish pattern which IF CONFIRMED
by a break of the price above its neckline, would target around 13.8k.
Furthermore for the bullish picture, we have bounced off 21 Daily EMA very nicely and have consolidated above the support now with the daily stochastic RSI
reaching oversold levels.
Keep in mind that if you want to play the pattern, entries could be set at the breakout with stoplosses below the neckline.
Even though the target of the move is at almost 14k (20%), always make sure to secure your profits along the way at important resistances.
Hope you enjoyed this analysis and if you did, please leave a like so I know to make more of these :)
I wish you all successful trading!
CLS
Disclaimer: This is not financial advice. Always do your own research before investing and/or trading. Cryptocurrency markets are extremely volatile and thus should be approached with caution.
Make sure to limit your exposure according to your risk profile.
Bitcoin's 4H chart paints a picture of an inverse head and shoulders pattern with a descending neckline. This is an extremely bullish pattern which IF CONFIRMED
by a break of the price above its neckline, would target around 13.8k.
Furthermore for the bullish picture, we have bounced off 21 Daily EMA very nicely and have consolidated above the support now with the daily stochastic RSI
reaching oversold levels.
Keep in mind that if you want to play the pattern, entries could be set at the breakout with stoplosses below the neckline.
Even though the target of the move is at almost 14k (20%), always make sure to secure your profits along the way at important resistances.
Hope you enjoyed this analysis and if you did, please leave a like so I know to make more of these :)
I wish you all successful trading!
CLS
Disclaimer: This is not financial advice. Always do your own research before investing and/or trading. Cryptocurrency markets are extremely volatile and thus should be approached with caution.
Make sure to limit your exposure according to your risk profile.
Trade active:
Breakout at 11.600$ confirmed
Although I think this has potential to go much higher, I would consider first profit taking here as we are approaching my first big resistance.