A popular crypto analyst is looking for Bitcoin (BTC) to break to the upside while analyzing the strength of Solana (SOL) after the layer-1 blockchain protocol’s rough start to 2022.
In a new strategy session, the host of financial education YouTube channel InvestAnswers shows his 411,000 subscribers a Bitcoin chart highlighting a recent inverse head-and-shoulders pattern.
According to the analyst, the pattern indicates an impending major market reversal.
“For those classic TA [technical analysis] people, we just had a classic inverse head-and-shoulders. If you flip it upside down, that’s a head-and-shoulders.
Typically it is inverted with the top is used to predict reversals in downtrends, and that’s what this is for. It is a bullish sign.
The pattern is identified when the price action of Bitcoin or any other asset has those characteristics.”
The analyst says that while technical analysis isn’t a necessarily hard science, he remains optimistic about BTC’s future price action.
“Typically the price falls again after the second trough and then it bounces. We’re in that bounce phase and we’ll see where we go.
This is another bullish TA sign. But we all know that TA is astrology for grown men. We don’t know if it’s going to hold, but very, very bullish.”
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រូបភាពដែលមានលក្ខណៈពិសេស៖ Shutterstock / Tithi Luadthong
Source: https://dailyhodl.com/2022/02/17/bitcoin-btc-flashing-extremely-bullish-signal-while-one-ethereum-eth-competitor-bottoms-out-investanswers/