The market is showing a bullish reversal chart pattern which is called as the Inverse Head and Shoulders. This type of pattern usually forms in the bottom of the market. On the daily timeframe the price is breaking above of EMA12 level and RSI is already above of 50 level. The price needs to hold these levels to continue upward movement. Once EMA12 crosses above of EMA26 then it's giving extra confirmation and boost to this pattern.
What's important to keep in mind with this pattern is that the volume has to start expand towards the neckline and this gives validity to the breakout once it happens. Otherwise the breakout has higher chance to fail.
When it breaks out of this pattern the price target should be set around the next resistance zone that can be found in between of $7.500 - $7.800 levels.
This is a game of patience and having a proper trading strategy helps you to lessen your risk.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
What's important to keep in mind with this pattern is that the volume has to start expand towards the neckline and this gives validity to the breakout once it happens. Otherwise the breakout has higher chance to fail.
When it breaks out of this pattern the price target should be set around the next resistance zone that can be found in between of $7.500 - $7.800 levels.
This is a game of patience and having a proper trading strategy helps you to lessen your risk.
Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP!
If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! Feel free to DM me in here or in my Twitter!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing in anything.
Yarr
Комментарий:
Bitcoin has reached the next resistance zone and needs to get above of MA100 to indicate continuation with the price movement
