Could we have seen the bottom for Bitcoin? H&S target has been hit after the pattern formed for bitcoin on the daily.
With overall weakness seen across stock markets and cryptocurrency since Friday, BTC took a 20+% dip and now the question is buy or continue to sell? BTC overall has not lost its bullish continuation pattern on the daily and has also managed to close the weekly candle above the 50 weekly moving average, but that doesn't mean its out of the water just yet. Generally with massive sell offs, fear tends to build and traders tend to wait for the price to recover a bit in order to get out of bad positions. That being said, we will most likely see some consolidation and a possible second dip, but as long as all critical support is held around 47300 area (20 weekly moving average), we should be ready so see another impulsive move soon.
With overall weakness seen across stock markets and cryptocurrency since Friday, BTC took a 20+% dip and now the question is buy or continue to sell? BTC overall has not lost its bullish continuation pattern on the daily and has also managed to close the weekly candle above the 50 weekly moving average, but that doesn't mean its out of the water just yet. Generally with massive sell offs, fear tends to build and traders tend to wait for the price to recover a bit in order to get out of bad positions. That being said, we will most likely see some consolidation and a possible second dip, but as long as all critical support is held around 47300 area (20 weekly moving average), we should be ready so see another impulsive move soon.
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