Roadmap:
There are a few scenarios to consider. There is clearly support in the rising arc, however the recent price action has seen a breakdown of some key chart indicators and patterns. There was a breakdown of the head and shoulders pattern, as well as a breach of key neckline and pivots and support and resistance ares.
The possible outcomes are;
A: Price oscillates between rising arc and the Feb pivot low and broken neckline, then resumes uptrend
B: Price oscillates between rising arc and the Feb pivot low and broken neckline, then fails rising arc and falls back to Jan/Feb S/R zone at about $30000
If fails $30,000 then falls to Dec 2017 pivot high at around $19600
There are a few scenarios to consider. There is clearly support in the rising arc, however the recent price action has seen a breakdown of some key chart indicators and patterns. There was a breakdown of the head and shoulders pattern, as well as a breach of key neckline and pivots and support and resistance ares.
The possible outcomes are;
A: Price oscillates between rising arc and the Feb pivot low and broken neckline, then resumes uptrend
B: Price oscillates between rising arc and the Feb pivot low and broken neckline, then fails rising arc and falls back to Jan/Feb S/R zone at about $30000
If fails $30,000 then falls to Dec 2017 pivot high at around $19600