Bitcoin: Moment Of Truth For Bulls! Inverse Head & Shoulder

Two weeks ago I made an analysis where I discussed a potential short-term bearish view on Bitcoin's price, see below. I argued that if I were a bull, I'd wait for either a new all-time high break out or a sizeable correction before stepping in the market again.

As seen on the chart, my purple support line is holding (for now!). A reversal from this area would make it a perfect inverse head & shoulders pattern, which is a bullish reversal pattern.

To strengthen my short-term bullish view, Bitcoin's daily RSI has hit oversold for the first time since August 2023, 10 months ago!

Patient bulls have been waiting for a long time for the RSI to hit oversold again on the daily.

Whether it will be enough remains to be seen. However, I can clearly see that there's a great bullish short-term opportunity here. See signal on the chart. Be aware, it's a risky trade.

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Going down hard. If SL is taken out we can dump to 57k before any meaningful reversal.

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SL hit. Next support around 57k