Daily Coffee Shop Technical Analysis - BTC (22 Feb 18) - Update

!Warning - This is not Financial advice: Do not trade or invest based on this analysis!

As an update to this morning daily BTC TA (here) - consideration of a larger possible inverted head & shoulders (INV-H&S) pattern (dark violet lines):

This setup would present a prospective BTC price target of approx $17,200 if the neckline of the INV-H&S (@~$12,000) is broken convincingly (strong geen full-bodied candle closing above the neckline with a spike in volume).

For this to be a valid pattern however, some further price consolidation between $9,000 and $11,7000 is required to fully form the right shoulder.

Note these formations are speculative (i.e. it can be tricky to spot real ones) and only become valid once they 'complete' in this case a break of the neckline.

A price breakdown below about $8,5000 would invalidate this pattern.

Although, it could all change tomorrow.

Cheers,

Bobby.