The development of an inverse head & shoulders chart pattern could potentially turn into the bouncing point for Bitcoin -0.37% , but we'll have to wait and see if this will give it enough momentum to overcome the resistance around the ~$8000 level.
From the current price level, we could see a drop between $5900 and $6250 to finish forming the right shoulder, and bounce from there.
But please keep in mind that all the conditions I mentioned on my previous chart (www.tradingview.com/...n-End-Of-Bear-Party/) are still valid (indicators are still bearish , for example), so this is just a possibility. What's good about it is that both possible outcomes are not contradictory necessarily. Although, the bouncing level could be significantly different.
From the current price level, we could see a drop between $5900 and $6250 to finish forming the right shoulder, and bounce from there.
But please keep in mind that all the conditions I mentioned on my previous chart (www.tradingview.com/...n-End-Of-Bear-Party/) are still valid (indicators are still bearish , for example), so this is just a possibility. What's good about it is that both possible outcomes are not contradictory necessarily. Although, the bouncing level could be significantly different.
