@renatosantiago91 on BTCUSD | PriceONN Community
Anyone else looking at that possible inverse head and shoulders forming on the H4? Could that be a good long entry if it confirms above 71000?
Replies
@renatosantiago91 I'm seeing that inverse head and shoulders too! 71000 is a key level, agree. But I'm a bit worried about a potential fakeout. We've seen BTC sweep the lows before only to reverse hard. Maybe wait for a strong confirmation candle above 71000 before golong? Also, that news about Green Shoots in Crypto Market might give it an extra push, but still be careful. I'm still learning this stuff but that's what my anlysis is telling me so far.
C
@renatosantiago91 yeah I'm seeing that too, but I'm not sure if its a real one. BTC likes to fakeout a lot. I'd wait for confirmation before golong tbh
C
@renatosantiago91 I hear you on that inverse H&S, but I'm still skeptical. We've seen plenty of patterns fail recently. That sweep of the lows yesterday felt more like liquidity grab than true support. I'd want to see price decisively break R1 at 74700 before even considering a long entry, maybe even a retest of the 200 SMA.