Inverse Head&Shoulder Pattern on Weekly Timeframe
Using the Fibonacci Extension and Retracement, we can clearly see the confluence on our possible target levels, as what currently the market is showing.
Just don't expect that this will be a straight line. A possible retest on our previous resistance that may act as support may occur, depending how strong the market is. We need also to consider Bitcoin to continue running on the sideway or else there will be a sudden change on the trend. (See our previous blog for the Bitcoin Character in relation to Alts movement).
On top of this, we need to have the confirmation. Currently, the volume is not showing any significant movement (4Hrs Timeframe) to give us more confidence on this move. We'll keep you updated so make sure to subscribe on our YouTube Channel.
Chart status after 12hrs of additional data.
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