There appears to be a Head and Shoulders pattern forming on the hourly chart for
BTCUSD
. This suggest there may be some downside yet still for Bitcoin and this also fits into the triangle pattern as we move closer towards the apex of the triangle (white trend lines). We have clear support and resistance lines (blue trend lines). We may yet still create a new lower low.
BTCUSD
. This suggest there may be some downside yet still for Bitcoin and this also fits into the triangle pattern as we move closer towards the apex of the triangle (white trend lines). We have clear support and resistance lines (blue trend lines). We may yet still create a new lower low.
Comment:
H&S hasn't formed and we've broken the 200 day MA. Likely move towards the top of the triangle (white trend lines) and if we break this the blue trend line could be tested. I still feel another bearish movement may take place but it's a wait and see brief.
TP: 5900