Bitcoin Head and Shoulders pattern
Updated
Bitcoin has some difficulty around the 8000 level which apparently is good for alts at the moment.
I don't see this as a bad sign though. After such a big run btc needs some time to breath before we can continue higher.
I see to possible scenarios from here;
First i think we are going to retest the 7500 area. Which seems like a strong support at the moment. If this happens we would have completed a head and shoulders pattern. Maybe this means the we could get a bigger correction and a retest of the 6800 area.
Second, if we don't break the 7500 area at the next retest there is a strong change in my opinion that btc will go to 10k pretty soon.
Good luck and let me know your thoughts :)
I don't see this as a bad sign though. After such a big run btc needs some time to breath before we can continue higher.
I see to possible scenarios from here;
First i think we are going to retest the 7500 area. Which seems like a strong support at the moment. If this happens we would have completed a head and shoulders pattern. Maybe this means the we could get a bigger correction and a retest of the 6800 area.
Second, if we don't break the 7500 area at the next retest there is a strong change in my opinion that btc will go to 10k pretty soon.
Good luck and let me know your thoughts :)
Trade closed: target reached
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.