Inverse Head and Shoulders forming, target 13,000

May 30, 2018

Since the start on Feburary, BTC has been working on forming and Inverse H&S pattern. If we can see BTC break the blue neckline around $8,900-$9,200 (depending on the timing of the break out, we should see a target price of $13,000+. The blue dotted line represents the major downtrend we were in since the ATH. We were able to break this downtrend at the end of February, confirming the initial validity of the Inverse H&S. The lows on 2/5, 4/6, and 5/28 represent the bottom on the left shoulder, head and right shoulder. Although the left and right shoulders bottoms are extremely close the heads bottom, they are still higher than the head, confirming the second point of validity.

All that's left is waiting for the right shoulder to form and the breakout after that formation. Best of luck out there in this volatile market!

Cheers.