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Bitcoin
Inverse SHS-pattern (?)
As the name suggests, this is the opposite of the well known head and shoulders (SHS) pattern - and as such, it indicates a bullish reversal. An inverse head and shoulders is formed when the price falls to a lower low in...
...a downtrend, then bounces and finds support at roughly the same level as the first low. The pattern is confirmed once the price breaches the neckline resistance and continues higher.
If you need a perfect example of an Inverse SHS-pattern it would look like following graph:
If you find time please also read the interesting facts about the new "Corporate Treasury-strategy" of the company Microstrategy. Having worked as a Corporate Treasury-Manager in different companies I find their move towards Bitcoin adopting it as primary reserve asset just amazing. You can follow up on their press-release in the link I pasted below; Here just some remarks:
To my latest knowledge Microstrategy put around USD 425 million of their position into the cryptocurrency (as per September 2020)!
The company-founder Michael J. Saylor commented on that move:
"Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders," said Michael J. Saylor, CEO, MicroStrategy Incorporated.
"This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy."
...fascinating...
Have a great weekend!
cheers Ralph
