The market have continued to bleed and the global cap is down to $264B. Dominance is up to 68.48%. The price of Bitcoin is at 10,100.
Price action broke to the downside under selling pressure, but has so far bounced off of the long-term support trendline at 9,855.
A clear inverse head & shoulders pattern has formed based on the qualifying criteria:
- Right shoulder does not exceed height of head
- Right shoulder will have a higher low than the left shoulder
However, the trajectory of the right shoulder may need to be adjusted to account for consolidation time
In addition, the price action has, in the past, positively responded with each re-test of support coming from the long-term support trendline, which indicates another bullish signal.
A break below the support at ~9850 would invalidate the current pattern.
While an IH&S pattern is bullish, please keep in mind, the price could fall to 9,400 forming new trendlines, but the overall pattern would still be valid based on qualifying criteria.
In other words, there could still be short-term downside and caution should be exercised
Bearish: A break below 9850 could cause a pull back to 9,000 - 9,400.
Bullish: If volume stops exiting the market, and the price is able to form a support bottom, we could see the price inch up to 10,400.
Bearish 55% / Bullish 45%
Price action broke to the downside under selling pressure, but has so far bounced off of the long-term support trendline at 9,855.
A clear inverse head & shoulders pattern has formed based on the qualifying criteria:
- Right shoulder does not exceed height of head
- Right shoulder will have a higher low than the left shoulder
However, the trajectory of the right shoulder may need to be adjusted to account for consolidation time
In addition, the price action has, in the past, positively responded with each re-test of support coming from the long-term support trendline, which indicates another bullish signal.
A break below the support at ~9850 would invalidate the current pattern.
While an IH&S pattern is bullish, please keep in mind, the price could fall to 9,400 forming new trendlines, but the overall pattern would still be valid based on qualifying criteria.
In other words, there could still be short-term downside and caution should be exercised
Bearish: A break below 9850 could cause a pull back to 9,000 - 9,400.
Bullish: If volume stops exiting the market, and the price is able to form a support bottom, we could see the price inch up to 10,400.
Bearish 55% / Bullish 45%
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