Let's jump right in. After nearly 13 days consolidation and accumulation in $6500~$7000, we saw a very beautiful pump and breakout of the universal downtrend line. After that, we see it began to form a small H&S Pattern right after its breakout. $8400 so far still serve as an important resistance for a long-term bull run. If we break 8400, the FOMO will be more easily to create than FUD in people's mind, the price should easily try to hit 10000 again, but if we keep been pushed back by $8400, it is very likely we go back to the downtrend and may seek lower $6000.
Based on the pattern, and pullback correction nature after a big pump, I think it is safe to put a short, target at $7600, stop-loss $8100. But overall, I am bullish for 2018. Recent actively activity in altcoin market also prove that overall market is recovering.
Happy trading
Based on the pattern, and pullback correction nature after a big pump, I think it is safe to put a short, target at $7600, stop-loss $8100. But overall, I am bullish for 2018. Recent actively activity in altcoin market also prove that overall market is recovering.
Happy trading