BTC - Inverse Head and Shoulders Pattern
BTC looks to be forming an inverse Head and Shoulders pattern, (Coinbase 12 hour time frame). This will be a big test for BTC, Bitcoin has struggled since late January to push above $11,800. We will know shortly if this time it can break through that level. One thing that concerns me is that it looks as though the volume is dropping off, I would hope to see the opposite as BTC gets closer to this resistance area.
Even if BTC can break above the neckline it faces another huge test, a combination of the 200 SMA and a very strong resistance zone that it must push through.
Even if BTC can break above the neckline it faces another huge test, a combination of the 200 SMA and a very strong resistance zone that it must push through.
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