BTC Breaks Resistance but will there be follow through ?
BTC Broke out of resistance, Invalidating the Rising Wedge formation however the H&S pattern could still be in play but the right shoulder doesn't look to pretty anymore.
Points to consider:
- We still have a clear bearish divergence on the daily time frame with volume tapering off
- Hitting resistance at $8700, Resistance turned support will be confirmed if price retests and holds $8200
- 4hr EMA 8, Bullish as holding price at current given time
We could be forming an daily equilibrium pattern where Bitcoin will eventually choose a path..
What are your thoughts on the current price action?
Have a good day and please give me a like and follow :))
Points to consider:
- We still have a clear bearish divergence on the daily time frame with volume tapering off
- Hitting resistance at $8700, Resistance turned support will be confirmed if price retests and holds $8200
- 4hr EMA 8, Bullish as holding price at current given time
We could be forming an daily equilibrium pattern where Bitcoin will eventually choose a path..
What are your thoughts on the current price action?
Have a good day and please give me a like and follow :))