DVY420

BTC support and resistance areas - Most likely outcome!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC has the possibility to complete the inverted inverted Head&Shoulders pattern, but is it likely? Not to me.. First it has to reach the neckline at around 10% from were we stand now. After this 10% bullish move it also has to break this neckline that seems to be a heavy resistance area . The bulls are not showing strength at all..

The only thing that can drive the price to the moon is a possible approval to the Bitcoin ETF . I think this wil create a huge bullish sentiment.


Chart:

I think we will stay between these support and resistance areas for a while. This is litterally nomansland to me and making high probability technical analyses is almost impossible at the moment. But as you see we are making a bullish ascending triangle on the chart. The volume is really low again so a big price movement is ahead I think.

60% break the next support and test the upper one
40% bears showing up and we test the $6100-6000 area again and prepare for more downside

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