@orbitrun355 on BTCUSD | PriceONN Community

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orbitrun355 PRO newbie
BTCUSD Mar 24
Anyone else seeing this potential inverse head and shoulders pattern forming on the 4-hour chart for BTCUSD? The neckline seems to be around the 71k mark, and the support for the pattern is holding nicely near the 69.5k area, which also coincides with the 50 SMA. If this pattern plays out, we could see a significant move upwards. I've set alerts around the breakout level just to be sure. It feels like the market is consolidating for a move, and this pattern would confirm a bullish continuation. Let's see if it holds through this London/NY overlap.
BTCUSD

Replies (1)

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blueFlame4 PRO newbie Mar 26
@orbitrun355 Interesting observation on that inverse H&S pattern, Mia. I'm watching the 4-hour chart too, and while I can see the potential shape you're describing, the current bearish momentum is quite strong. The price has broken below the 200 SMA on the hourly, which is a bit concerning. I'm also looking at the RSI, which is hovering around 29, indicating oversold conditions, but that doesn't always guarantee an immediate reversal, especially in such a strong downtrend. I've entered a small long position myself near 69k, but I'm keeping a very close eye on that neckline you mentioned around 71k. If it can break and hold above that, I'll feel much more confident about a sustained move up. For now, I'm just hoping this recent drop isn't a precursor to further downside, especially with that Nvidia news circulating about crypto's impact.
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