IN long term chart we can see a head and shoulder pattern. It's neckline is critical for BTC. Break down below neckline is negative sign. Support in neckline is vital.
Comment:
Neckline area: 7625-7680
Comment:
BTC back above to touch neck line.
Comment:
BTC move as expected. Break above the 7625 and then 7680 neckline area is a positive sign.
Comment:
BTC touch the neckline. Big profit for who buy in bottom.
Comment:
Now the most important thing is reaction to the neckline. close above it in a sign of reversal.
Comment:
A correction is happening. Back from 7580 and touch 8250 is still possible.
Comment:
Neckline Touched as expected.
Comment:
Now the most important thing is break out the neckline and close above it or rejection. sit back and watch the reaction to the neckline.
Comment:
Personally I think BTC will go above the neckline around 8350-8420 and then fall down.
Comment:
8420 tuoched as expected.
Comment:
fall down from 8420! as expected.
next retrace from 7880 is possible.
Area 7600 -7800 could be supportive for final retrace to touch neckline again.
Now look for reaction to 7880.
next retrace from 7880 is possible.
Area 7600 -7800 could be supportive for final retrace to touch neckline again.
Now look for reaction to 7880.
Comment:
First try for retrace from 7900 (7880 good support point) is in process as expected.
Comment:
BTC may go to 7600.
