There are rules governing a inverse H&S , let's check if the current BTC chart pass the criteria for a well formed Inv. H&S:
Price reversal (PASSED): Price must have something to reverse, so if the decline leading to the pattern is small, expect a small rise.
Confirmation(UNCONFIRMED): The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes
upward. So, therefore BTC Inv. H&S is not and Inv. H&S until there is a neckline confirmation @ $6766.
Volume (PASSED): Highest on the left shoulder or head, diminished on the right shoulder
Volume Trend (PASSED): A downward volume trend suggests better post breakout performance.
Target: Place price distance from the Head to the the neckline, and replace the price distance on the neckline for InV. H&S target.
Note: If right shoulder fails to spike up above neckline, then we have a bearish flag: a downtrend continuation to deal with.
Goodluck!
Price reversal (PASSED): Price must have something to reverse, so if the decline leading to the pattern is small, expect a small rise.
Confirmation(UNCONFIRMED): The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes
upward. So, therefore BTC Inv. H&S is not and Inv. H&S until there is a neckline confirmation @ $6766.
Volume (PASSED): Highest on the left shoulder or head, diminished on the right shoulder
Volume Trend (PASSED): A downward volume trend suggests better post breakout performance.
Target: Place price distance from the Head to the the neckline, and replace the price distance on the neckline for InV. H&S target.
Note: If right shoulder fails to spike up above neckline, then we have a bearish flag: a downtrend continuation to deal with.
Goodluck!