Bitcoin could have 40% upside! :)

I just wanted to alert y'all on a bullish setup in Bitcoin! First I'll just catch everyone up on the price action of Bitcoin, and then I'll describe my trade and reasoning.

On January 16th and 17th Bitcoin collapsed from $14,000 all the way down to $9,250.

After consolidating for about 2 weeks, it made another move down to $6,000.

Bitcoin then consolidated and broke out to the upside all the way up to $11,700, before retreating back down to about $10,000.

2 Very Bullish signals have emerged for bitcoin! The first and most simple bullish indicator is that Bitcoin broke out above its longterm downtrend, and held the previous support level of about $9,250 almost to the penny. After testing the support, Bitcoin has recently rebounded back up to $10,000 on fairly substantial volume. The breakout and hold of long term support is a fantastic indicator that a new uptrend is forming. In the chart below I have drawn in the support line.

The second and more exciting indicator is the formation of a large inverse head and shoulders pattern. Head and shoulder patterns are typically signs that the market is going to go lower, and form a chart formation that looks like a head and shoulders; however, an inverse head and shoulders pattern is just the opposite! If an inverse head and shoulders pattern forms, it is usually an indicator that the price will go much higher very quickly.

the symmetrical bottom, and even shoulder line looks as though the symmetry could follow through and complete the pattern with a big move higher. Since the first initial move lower was from $14,000 down to $9,250, I would expect the final move higher to be from the same $9,250 level all the way up to $14,000. This is a substantial 40% possible upside in just a couple days!

The cryptocurrency market is looking incredibly bullish, and I believe now would be a terrific time to enter positions into your favorite coins.

As always thank you for reading, and let me know your thoughts in the comments! :)