BITCOIN: Make or Break level.
Bitcoin is currently trading at a very crucial level i.e near 38% retracement level. Although it has already broken the golden ration i.e 7245 level, but the confirmation is yet to come. If the breakout the confirmation comes then be prepared for the downfall cause the head and shoulder pattern is also on it's way for completion.
The moment head and shoulder pattern is completed i.e once the price reaches 6472 level and gives the breakout confirmation then it will take the prices all the way down towards 5700 which is approx the first target of head & shoulder pattern and also it's a strong support zone cause it's 23% retracement level.
On the upside, 7867 will work as a resistance level.
The moment head and shoulder pattern is completed i.e once the price reaches 6472 level and gives the breakout confirmation then it will take the prices all the way down towards 5700 which is approx the first target of head & shoulder pattern and also it's a strong support zone cause it's 23% retracement level.
On the upside, 7867 will work as a resistance level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.