Bitcoin Potential Inverse Head and Shoulders?

Nothing on the oscillators right now that would determine a potential position to take whether bearish or bullish at the moment. I would like to state that we do have a left shoulder and kind of a head for a potential inverse head and shoulders. Not so much of a right shoulder. After that extreme rejection, you haven't really formed any pattern in price action. I would like to state that this pattern looks rather bearish than bullish. It would not come to a surprise to me if we run up to 8400-8500 and create that right shoulder, but who knows. I don't think its the riskiest area to go short as you are at the top of a overall bearish rectangular pattern. But again, no variables on the oscillators to determine a trade set up.

I'd also like to show case a scenario where the Elliot Wave Theory may come in play. You have finished 5 impulses before seeing rejection around 8800.

Commentaire:

HEAD AND SHOULDERS!!! NOT INVERSE BAHAHA