Social media is talking about the IHS pattern again, and that it targets 8k or even higher. However, the neckline should be tested, broken and then retested as the support first. #What is an IHS?..?? ('Inverse Head And Shoulders')
= An inverse head and shoulders used in technical analysis to predict the reversal of a current downtrend.
This pattern is identified when the price action of a security meets the following characteristics:
The price falls to a trough and then rises;
The price falls below the former trough and then rises again;
The price falls again but not as far as the second trough.
Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs.
I personally, do not think BTC can go higher that $6,815 at this point but 1 or 2 days from now.
My bearish view is invalidated if BTC closes on the 4h chart above $7050 levels.
