Spotted an unorthodox Inverse Head and Shoulders on the 1H chart.
The patterns is supported by the Fibonacci Extension from January 24th and suspiciously precise bounces off the 1H Support channels.
Assuming that BTC is done with the Throwback maneuver, I expect it to head towards the Golden Pocket, with some turbulence around the 0.5 Fibonacci Extension level.
If BTC breaks through the Golden Pocket, it is highly unlikely that it'll win much ground in the Super Resistance Channel (from January 2021)
I expect this to playout within 2-3 days.
Target #1 = 0.5 Fibonacci Extension
Target #2 = Golden Pocket
When in trade I keep to a strict Risk Management plan and keep an eye on BTC. And proactively use trailing-stop, to lock in profits.
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
P.S. Like and/or Follow if you've enjoyed this idea, it means a lot to me. Thank you!
BTCUSDT
BTCUSD.P
BTCUSD
BYBIT:BTCUSD
The patterns is supported by the Fibonacci Extension from January 24th and suspiciously precise bounces off the 1H Support channels.
Assuming that BTC is done with the Throwback maneuver, I expect it to head towards the Golden Pocket, with some turbulence around the 0.5 Fibonacci Extension level.
If BTC breaks through the Golden Pocket, it is highly unlikely that it'll win much ground in the Super Resistance Channel (from January 2021)
I expect this to playout within 2-3 days.
Target #1 = 0.5 Fibonacci Extension
Target #2 = Golden Pocket
When in trade I keep to a strict Risk Management plan and keep an eye on BTC. And proactively use trailing-stop, to lock in profits.
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
P.S. Like and/or Follow if you've enjoyed this idea, it means a lot to me. Thank you!
BTCUSDT
BTCUSD.P
BTCUSD
BYBIT:BTCUSD
