BTC Inverse Head & Shoulders,Overview and possible price paths
Although BTC can seem fairly hard to read right now I am thinking we are leaning towards a dump off because of the following factors:
Volume is decreasing while price is increasing - Could be a potential sign of a trend change.
-We are at the edge of a supply zone,
-Potential completed Elliot waves,
-Broken diaganol support (but also broke upwards out of resistance which could of been to fill short orders)
-Stocastic possibly forming wedge pattern and next move would be down
Notice the most recent high we have come under the 0.618 (right chart), until we close above this I don't see the IH&S having any chance of playig out.
Volume is decreasing while price is increasing - Could be a potential sign of a trend change.
-We are at the edge of a supply zone,
-Potential completed Elliot waves,
-Broken diaganol support (but also broke upwards out of resistance which could of been to fill short orders)
-Stocastic possibly forming wedge pattern and next move would be down
Notice the most recent high we have come under the 0.618 (right chart), until we close above this I don't see the IH&S having any chance of playig out.
Trade closed: target reached:
This call played out nicely