BTCUSD

BTCUSD

A massive INVERTED HEAD and SHOULDERS on the 3hours time frame.

With a low of 9200usd which is the support level also held by the left shoulder. This makes a completion of the right shoulder as more and more signals sets in for the candle sticks to fianlly complete it. With a major move back to the 0.5fib level, which has always been the importance respected fib retracement level more consolidating within this range pegs and the price waits for more confirmation on the volumee to rise. a massive diagonal resistance with the blue boxes touches is holding it down, as well as the red boxes.

If completed, technicals suggests that price bounce back to 0.786fib retracement level and extension of 1.272fib ext should be anticipated.

Second chart using the 1DAY time frame.

Descending broadening wedge formation.

A minimum of two respected disgonal resistance level and support levels holding it down as it completes this formation, while price has retraced down to 0.382fib level and currently holding on to that position.

A measured move up to break the resistance is expected as price will consolidate within the 0.5fib and the 0.382fib retracement levels.

If completed, techical suggests that price will likely touch the previous ATH.

HAPPY TRADING GUYS!!

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