BTC Bullish Pattern (Inverse Head and Shoulders)
This pattern isnt the best looking, but inverse head and shoulders is one of the best bottoming patterns in general. We just hit the target of the bearish Head and shoulders that sent us here in the first place, so I have confidence in these patterns (Bearish shs idea from February linked).
In case this pattern is not just a bull trap we should see target of 25k, which breaks some major moving averages and should take us in a very bullish territory. Could be the beginning of a long term bull market.
Another indicators showing bottom is likely: Low RSI on all big timeframes, 200-300ma on weekly are defending nicely (300ma weekly has never been defeated in the past and it was the absolute bottom back during the last capitulation). I might be missing something, but it looks like a great place for long term trades to the upside.
Pattern invalidates below the right shoulder as per the theory of this pattern. Im long on various alts.
In case this pattern is not just a bull trap we should see target of 25k, which breaks some major moving averages and should take us in a very bullish territory. Could be the beginning of a long term bull market.
Another indicators showing bottom is likely: Low RSI on all big timeframes, 200-300ma on weekly are defending nicely (300ma weekly has never been defeated in the past and it was the absolute bottom back during the last capitulation). I might be missing something, but it looks like a great place for long term trades to the upside.
Pattern invalidates below the right shoulder as per the theory of this pattern. Im long on various alts.
