Bitcoin's Inverse Head and Shoulders (TOBO) Formation: Is a New Rise Coming?
There is an important formation formation called the Inverse Head and Shoulders (TOBO) on the four-hour #Bitcoin chart.
This formation usually means that a downtrend has ended and an uptrend is about to begin. The sideways movement and price compression observed in the market for a while may be a sign of a big move with the completion of this formation.
#BTC is currently trading at $57,824. $58,000 is a critical resistance level. We have not been able to make a solid candle close above this level on the four-hour chart for the last 10 days.
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If we make a candle close above $58,500 on the four-hour chart, the price target of this TOBO pattern will be active. The price target is in the $63,000 bands.
In addition, the RSI and MACD have turned their heads upwards.
If a candle closes below $55,500 on the four-hour chart at $BTC , this pattern and price target will be canceled.
DISCLAIMER: My articles are not investment advice, they are for informational purposes only. They only contain my own thoughts and comments. Please do your own research!
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