WE BROKE THE ASCENDING TRIANGLE ON THE 1 HOURE CHART TO THE DOWNSIDE.
NORMALLY, THIS PATTERN IS A CONTINUATION OF THE TREND. THIS WAS NOT THE CASE HERE.
IT COULD BE A FAKEOUT OF COURSE, TO PLAY OUT THE BEARS. BITCOIN HAS TENDENCE TO DO THIS A LOT.
BUT LET'S STAY OBJECTIVE NOW; WE BROKE DOWN AND TESTED THE LOWER TRENDLINE OF THE TRIANGLE AS RESISTANCE.
THIS IS ALREADY INDICATION THAT IT IS A DOWNWARD MOVEMENT.
WE COULD REACH A PRICE TARGET OF APPROXIMATELY $10500.
THIS MATCHES PERFECTLY WITH THE RESISTANCE / SUPPORT ZONE.
IF THIS SCENARIO PLAYS OUT, IT WOULD CREATE A HEAD AND SHOULDERS PATTERN WHAT'S BULLISH IN THE SHORT TERM.
NORMALLY, THIS PATTERN IS A CONTINUATION OF THE TREND. THIS WAS NOT THE CASE HERE.
IT COULD BE A FAKEOUT OF COURSE, TO PLAY OUT THE BEARS. BITCOIN HAS TENDENCE TO DO THIS A LOT.
BUT LET'S STAY OBJECTIVE NOW; WE BROKE DOWN AND TESTED THE LOWER TRENDLINE OF THE TRIANGLE AS RESISTANCE.
THIS IS ALREADY INDICATION THAT IT IS A DOWNWARD MOVEMENT.
WE COULD REACH A PRICE TARGET OF APPROXIMATELY $10500.
THIS MATCHES PERFECTLY WITH THE RESISTANCE / SUPPORT ZONE.
IF THIS SCENARIO PLAYS OUT, IT WOULD CREATE A HEAD AND SHOULDERS PATTERN WHAT'S BULLISH IN THE SHORT TERM.