Hello Traders!
Quick update on bitcoin, we have a potential inverse head and shoulders coming to fruition, Bitcoin needs to break its neckline which is a staunched resistance.
Points to consider,
- Clear resistance/ neck line
- Stochastics projected upwards
- RSI in upper region
- EMA’s yet to meet price
- Volume increasing
The inverse head and shoulders formation is a bullish pattern, which is confirmed by a break of its neck line. Bitcoin right now has a stanched neckline/ resistant level that has been tested 5 times.
The stochastics right now is projected upwards, can trade in this area for an extended period of time. RSI is also in upper region but has not officially entered into overbought territory. The EMA’s are yet to meet price, it needs to hold Bitcoin support when it approaches the resistance level. Bull volume has been increasing, which is healthy in this pattern, it needs to sustain in order to successfully break resistance…
The technical target of this inverse head and shoulders is approximately at $8180 mark.
What are your thoughts on these recent developments?
Please leave a like and comment! :)
Quick update on bitcoin, we have a potential inverse head and shoulders coming to fruition, Bitcoin needs to break its neckline which is a staunched resistance.
Points to consider,
- Clear resistance/ neck line
- Stochastics projected upwards
- RSI in upper region
- EMA’s yet to meet price
- Volume increasing
The inverse head and shoulders formation is a bullish pattern, which is confirmed by a break of its neck line. Bitcoin right now has a stanched neckline/ resistant level that has been tested 5 times.
The stochastics right now is projected upwards, can trade in this area for an extended period of time. RSI is also in upper region but has not officially entered into overbought territory. The EMA’s are yet to meet price, it needs to hold Bitcoin support when it approaches the resistance level. Bull volume has been increasing, which is healthy in this pattern, it needs to sustain in order to successfully break resistance…
The technical target of this inverse head and shoulders is approximately at $8180 mark.
What are your thoughts on these recent developments?
Please leave a like and comment! :)
