2021/12/31 07:22 AM – BTCUSD – H4 – POTENTIAL INVERTED HEAD & SHOULDERS

BTCUSD-H4-POTENTIAL INVERSED HEAD & SHOULDERS by Ironman8848 on TradingView.com

Looking at the 4 hours time frame (H4) a potential inverted Head and Shoulders is in progress.

Neckline (currently around 47’800) coincides also with the Mid Bollinger Bandresistance level and
and breakout of those level on a H4 closing level would activate this reversal formation and open the
door for a technical target of roughly 50’000…which is also the top clouds resistance area .

On the downside watch 46’750-46’500 as the next support area as a failure to hold above this zone
would put the focus on the former bottom around 45’500.

On the hourly picture, the BTCUSD is currently within the H1 clouds in attempting to move higher; interesting to note that the top of the H1 clouds resistance, coincides also roughly with the level of the potential inverted Head and Shoulders formation in progress previously mentioned in H4 and a breakout of 47’800 (on H1 + H4) would warn of further upside in the cards and also corroborate the inverted H & S validation, calling for higher levels.

Have a nice trading day.

All the best and take care.

Ironman8848 & Jean-Pierre Burki

Disclaimer :

All views expressed on my analysis are my own and do not represent the opinions of any entity, whatsoever with which I have been, I am now or I will be affiliated with. Any action you take upon the information on those analysis is strictly at your own risk and should not be considered as an advisory. The author assumes no responsibility or liability for any errors or omissions in the content of his analysis. The information contained is provided on an «as is» basis, with no guarantees of completeness, accuracy, usefulness or timeliness and without any warranties of any kind whatsoever, express or implied. 

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