Bullish bitcoin – Inverse head n shoulders

Complete credit to Artiti if this plays out, shared in comments recently .. Looks like an inverse head n shoulders pattern could be on the cards. Heres a chart.

Hopefully the pattern is obvious. To me looks quite like a rebound up to $600 might be on the cards for bitcoin.

I have a confession to make which is that I’m following Cloakcoin much more avidly than bitcoin and precious metals at the moment. So having got confession out the way, heres some more thoughts on cloakcoin.

Cloakcoin as you recall was very recently ‘spewed off a cliff’. I was quite confidently expecting a large deadcat bounce but what have we got instead? Well its a feeble dead cat bounce if you can even call it that with even larger sell volumes pushing price down further!

I’m not going to bother with a chart just now, try to imagine a spew off a cliff then another vomit. Huge 200000 volume selling space of only a few minutes from out of nowhere has caused price to cascade down further in a waterfall decline. Anyone who follows precious metals knows this scenario. Manipulated markets?

2 thoughts on “Bullish bitcoin – Inverse head n shoulders

  1. I am not really into technical analysis. Is the pattern still possible with the current price reduction? what do you guys think?

    1. Hi, it was a nice idea but to me doesn’t look like its on the cards anymore. Will try and post an update later, about due one. I’m looking for support around $450

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