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PriceActionTrader1

BTCUSD - short term upside potential

Long
Bitcoin (BITSTAMP:BTCUSD)  
PriceActionTrader1  
BITSTAMP:BTCUSD   Bitcoin
Head and Shoulders Supply and Demand Trend Analysis Demand Zone headandshouldersformation trianglepattren consolidation-breakout
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headandshoulders supplyanddemand trendanalysis demandzone headandshouldersformation trianglepattren consolidation-breakout
BTCUSD has been trading in a downtrend for quite a while and had many investors worried. It is still in an overall downtrend but looking at lower timeframe, it seems to have stalled for now and looks like it could make a short upside move if it succeeds in breaking the resistance level.

On a daily timeframe, price is consolidating near the resistance level 17240. Volume is also gradually decreasing.
snapshot

On 3H timeframe, price is making a triangle pattern and almost ready to breakout from it. You can also notice reverse head and shoulder structure and upside price moves with volume spikes. It indicates a presence of demand and we could see a nice short term move up to 18150.
snapshot

Share your thoughts in the comment sections. Happy and safe trading! :)
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