Bitcoin - Inverted head and shoulders formation in trendchannel

3. Mai 2021

Hello Traders

Here is a new scenario for Bitcoin. Patterns are constantly changing so you need to keep updating.
We see a trend channel on the 6 hour chart of Bitcoin. The price of BTC is moving with great precision in this slightly rising trend channel.

Currently the small inverted head shoulder formation has formed a slightly larger inverted head shoulder formation (see my other BTC analysis). Price target for this inverted H-S pattern is +68000 USD.

The target from 68000 USD for BTC seems to coincide with the red trend line and the dotted target line at 68,352 USD somewhere around 16th of May (see the blue arrow).
Even with a pullback to 53,500 USD, the inverted H-S formation remains fully intact.
If we break out above the old all time high then the large Head shoulder pattern of my previous Bitcoin analysis automatically expires because the right shoulder would be higher than the head (last all time high).

3. Mai 2021

Trade ist aktiv

Traders, as you can see, the neckline of the reversed head shoulder formation is also a trend channel line which has provided good resistance and support in the past. The best time to go long is after this neckline has been broken and after a RE-TEST with above average volume.

The best risk reward is when the price hits the bottom of the trend channel and then you wait patiently for BTC to hit the top.
Other good methods are buying in steps and selling in steps but that is money management and a completely separate chapter.

4. Mai 2021

Trade ist aktiv

Traders please note that even at this level 53500 we have support in the trendchannel and we are still hiigher then the left shoulder of the inverse H-S pattern. I wrote this already when I posted the analysis.
As long as BTC stays above the left shoulder and in the rising trendchannel I am still Bullish on Bitcoin.