Inverse Head & Shoulders in Play – Bitcoin’s Bullish Setup!!!

Mar 14

Bitcoin(BTCUSDT) touched $84,500 as I expected in my previous post (even higher).

Right now it seems like Bitcoin has managed to break the Resistance zone($84,130_$81,500) and the 200_SMA(Daily). The formation of the classic pattern, the Inverse Head and Shoulders Pattern, could be a sign that Bitcoin is preparing to break the Resistance zone($84,130_$81,500).

Another Classic Pattern that we can see on the one-hour Bitcoin chart and hope for an increase in Bitcoin is the Fan Principle at the Bottom Pattern.

Educational tip: The Fan Principle at the Bottom is a bullish reversal pattern where the price forms a series of downward trendline breaks, signaling weakening bearish momentum. As each trendline is broken, buying pressure increases, leading to a potential uptrend.

According to Elliott Wave theory, with the resistance zone broken, we can expect Bitcoin to enter the next impulsive wave, which will likely continue to at least $86,300.

Also, Today's U.S. economic data release could significantly impact financial markets, including Bitcoin:

UoM Consumer Sentiment: 57.9 (Forecast: 63.1 | Previous: 64.7) – A sharp decline, indicating consumer pessimism about the economy.

UoM Inflation Expectations: 4.9% (Previous: 4.3%) – A worrying increase, which could push the Fed toward a more hawkish stance.

Declining consumer sentiment may pressure the Fed to adopt a more accommodative stance, which is positive for risk assets like Bitcoin.

Rising inflation expectations could increase demand for inflation-hedge assets like Bitcoin.

However, if the Fed sees inflation rising as a concern, they may maintain a tighter policy, which could weigh on markets.

Today's data presents mixed signals, but falling consumer confidence and rising inflation expectations could ultimately fuel Bitcoin's next leg up.

Based on the above explanation, I expect Bitcoin to rise to at least the upper resistance zone($87,000_$85,820) after completing its pullback and complete the mission of filling the CME Gap($86,400_$85,595). Of course, a CME Gap($80,760_$80,380) has also formed.

In your opinion, has Bitcoin finished its correction or created an opportunity for us to escape again?

Note: If Bitcoin falls below $81,300, we should expect further declines.

Note: If Bitcoin goes above $87,800, we should expect further increases.

Please respect each other's ideas and express them politely if you agree or disagree.

Bitcoin Analyze (BTCUSDT), 1-hour time frame.

Be sure to follow the updated ideas.

Do not forget to put a Stop loss for your positions (For every position you want to open).

Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.

Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.

Mar 15

Trade active

Trade was activated after pullback to neckline

Mar 19

Trade closed: target reached

I closed the position with capital management at a profit. I increased the volume trading(Type of the Martingale System) according to yesterday's post and I am not taking any more risk on this position. Be careful, there is also a Federal Reserve Conference today. So, be more careful with capital management than before.