BTCUSD Inverse Head and Shoulders breaking the Falling Wegde.

16 сент. 2023 г.

Bitcoin crossed today over the Falling Resistance / top of the Falling Wedge pattern.
This will turn into a buy breakout signal if it closes a (4h) candle over it. The MA50 (4h) has already turned into Support.
This Support is holding the Right Shoulder of an emerging Inverse Head and Shoulders pattern, which is a bullish bottom formation.
This can be the transition from the bearish (Falling Wedge) to the bullish (Inverse Head and Shoulders) trend.

Trading Plan:
1. Buy if a (4h) candle closes above the Falling Resistance.

Targets:
1. 27900 (Fibonacci 2.0 extension, standard Inverse Head and Shoulders target).

Tips:
1. The MA50 (4h) can cross above the MA200 (4h) inside the next 2-3 days. That is the well known Golden Cross formation, a powerful bullish pattern.

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Notes:
Past trading plan: