Bitcoin head and shoulders failure? Or... (BTCUSD)
Hi there,
So as we've all now seen, Bitcoin has seemingly failed to breakout from it's now, well-publicised, head-and-shoulders pattern.
However, all is not lost. There is a clear supporting trendline around the 10750 level which could offer a rebound.
Also, I've not seen many people spot this, but the last main H&S pattern we had also had a failure (purple dotted line shows the neckline + arrow the failed breakout) before nearly perfect reaching it's upside target (black dotted line and arrow).
Also, this time the RSI was getting close to the overbought levels, suggesting a recharge was required.
Saying this, however, if we drop below and close beneath the 10750 support level, I would expect further downsides.
This is not investment advice!
Smyelar
So as we've all now seen, Bitcoin has seemingly failed to breakout from it's now, well-publicised, head-and-shoulders pattern.
However, all is not lost. There is a clear supporting trendline around the 10750 level which could offer a rebound.
Also, I've not seen many people spot this, but the last main H&S pattern we had also had a failure (purple dotted line shows the neckline + arrow the failed breakout) before nearly perfect reaching it's upside target (black dotted line and arrow).
Also, this time the RSI was getting close to the overbought levels, suggesting a recharge was required.
Saying this, however, if we drop below and close beneath the 10750 support level, I would expect further downsides.
This is not investment advice!
Smyelar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.