$BTC Dissecting the daily chart of Bitcoin - where to next?
Just an interesting observation - if you draw the vwap since the beginning of the year, it is quite evident how the VWAP has acted as an important support level all year. We recently broke under the yearly vwap, and as at the time of posting the chart, we are now testing the underside of the yearly VWAP. Will this vwap support now become resistance? Keep a close eye on how price reacts here...
Additionally, Bitcoin price action has formed a Head & Shoulders topping pattern and we have come back to retest the neckline at this level of just under 45k. If bitcoin rejects at the vwap and neckline, there is still a head and shoulders target of approximately $37000 which can still come into play. However, should bitcoin manage to pop and reclaim this vwap level.. then bulls will be sitting in a very good position leading into the end of the week
The next few hours should give us some better direction...
Additionally, Bitcoin price action has formed a Head & Shoulders topping pattern and we have come back to retest the neckline at this level of just under 45k. If bitcoin rejects at the vwap and neckline, there is still a head and shoulders target of approximately $37000 which can still come into play. However, should bitcoin manage to pop and reclaim this vwap level.. then bulls will be sitting in a very good position leading into the end of the week
The next few hours should give us some better direction...
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