Just a couple of days ago I was writing a post about an interesting pattern in formation. It was an Inverted Head and Shoulder pattern and I told it has the potential to allow a continuation trend upwards with a target of 14500 USD.
The following was the pattern I was talking about:
And what we can see right now is that after breaking the neckline at 11760 USD the volume is increasing consistently:
Those two higher bars at the volume of the 4 Hour chart may indicate an acceleration of the price action and so it is what is exactly occurring. A good example of one of the most succeed patterns in TA, in this case it is acting as a continuation pattern on a Bullish Scenario.
The target of this pattern points right now towards a new High of the year around 14500 USD, will see how close BITCOIN will be from that level in some hours from now.
As usual, pay attention to the chart and anticipate the move in order to get the most from it.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Add your Scripsio!
Comments