Bitcoin has recently broken it's upward trendline on the daily chart.
I will now be looking for it to hit the lower trendline before moving back up at least momentarily. It could possibly drop below that as well.
Possible head and shoulders pattern completing as well but it's a bit messy so I won't be relying basing my decision on that but it is interesting that if you were to draw the neckline of the H&S at the lowest close above the trendline the likely drop based on that would put it right at the lower trendline. Something to watch...
What do you guys think BTC will do?
I will now be looking for it to hit the lower trendline before moving back up at least momentarily. It could possibly drop below that as well.
Possible head and shoulders pattern completing as well but it's a bit messy so I won't be relying basing my decision on that but it is interesting that if you were to draw the neckline of the H&S at the lowest close above the trendline the likely drop based on that would put it right at the lower trendline. Something to watch...
What do you guys think BTC will do?
Comment:
It took a little while but just as I suspected, price has reached the lower trendline. I'll be watching how price reacts at this level to see if there is a sign of reversal or if price will continue to drop.
