Bitcoin Possible Reversal Chart Pattern

Bitcoin Possible Reversal Chart Pattern

Bitcoin / Dollar
BITSTAMP:BTCUSD

DLavrov

The market gives a new signal telling about possible trend reversal. If the price breaks a neckline, we will get a confirmed inverse Head&Sholders chart pattern. It belongs to a group of reversal patterns. Such a price movement also will break the level of the previous swing high. These signals will be good for opening long positions with stop orders below the right shoulders and profit targets at the important resistance levels 5000.00 and 6000.00 where the market can be stopped and reversed with further correction movements. As we are not far from the important date, launching BAKKT, the market will be able to start growing soon. This reversal chart pattern will be a good signal confirming the downtrend reversal and the current levels will be good as a starting point for a new uptrend.

Indicators:
– MACD confirms the uptrend movement
– RSI confirms the uptrend movement
– DMI is bullish and confirms that bulls become stronger.


Source: TW DLavrov

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