Hello Traders!,
Update on Bitcoins recent developments, we could be seeing a potential head and shoulders on the hourly…
Points to consider
- Major support is at the green zone, also the neck line
- RSI overbought currently
- Stoch’s looking to top out
- EMA’s giving price support
- Volume declining after current bull move
- Price testing downwards slopping resistance at current given time
Bitcoin is in a very interesting area right now where it could potentially be rejected from this downwards slopping resistance. The RSI is currently overbought as well as the stoch’s showing downwards momentum. The EMA’s is currently giving price support but this does look weak as bull volume has decreased.
Bitcoin really has two options, it can either break this downwards resistance and retest the upper trend line. Or it could potentially complete this head and shoulders pattern by breaking its neck like bearish. Price is currently stagnate, thus a move is imminent as BTC is testing its crucial apex area. We must consider the higher probability of BTC breaking bearish as bull volume has decreased, but anything really is possible...
This is a good trading opportunity, regardless of which way BTC breaks, there will be a move imminent!
What are your thoughts? Is this a potential head and shoulders? Or will BTC break downwards sloping resistance?
Please leave a like and comment
And remember
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig
Update on Bitcoins recent developments, we could be seeing a potential head and shoulders on the hourly…
Points to consider
- Major support is at the green zone, also the neck line
- RSI overbought currently
- Stoch’s looking to top out
- EMA’s giving price support
- Volume declining after current bull move
- Price testing downwards slopping resistance at current given time
Bitcoin is in a very interesting area right now where it could potentially be rejected from this downwards slopping resistance. The RSI is currently overbought as well as the stoch’s showing downwards momentum. The EMA’s is currently giving price support but this does look weak as bull volume has decreased.
Bitcoin really has two options, it can either break this downwards resistance and retest the upper trend line. Or it could potentially complete this head and shoulders pattern by breaking its neck like bearish. Price is currently stagnate, thus a move is imminent as BTC is testing its crucial apex area. We must consider the higher probability of BTC breaking bearish as bull volume has decreased, but anything really is possible...
This is a good trading opportunity, regardless of which way BTC breaks, there will be a move imminent!
What are your thoughts? Is this a potential head and shoulders? Or will BTC break downwards sloping resistance?
Please leave a like and comment
And remember
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig