Breaking the pattern... Bearish or Bullish?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

Welcome, all crypto lover friends. How are you all? Hope you all are happy and bullish . Let's get to the analysis.

Looking at the four-hour chart, BTC is at the breaking point of the two months of bearish channel . The RSI level is also in a good position (not overbought). From my last post, BTC has followed the Inverse H&S (Green) pattern. Right now BTC is facing huge resistance from the bearish channel (Blue). Once it is out of the bearish channel it is most likely that it will complete the Inverse H&S pattern. But after that, it has to face the resistance levels $11800 (Yellow line). Then we can say that BTC is going to the moon. We may see the Elliott Wave pattern once dear BTC starts a bull run.

But, if in case, BTC heads downwards, it is going to check support level at $9370 (Orange). It can bounce back from there but if not then we can say that the bearish trend is not over yet. Just say, the BTC crosses the support level $7900 (Red), it will be checking the previous low of $6000 support level (Violet) and we may see a lower low of $4500 (Orange dotted line) than the previous $6000. But this scenario seems less probable.

Other than both these scenarios mentioned above, BTC can oscillate in the range of 10k to 9k for the upcoming four to six weeks. BTC market is highly volatile.

Hope for the best. May the odds be ever in your favor (while trading too).

Please follow, comment, like, and share on social media. Good luck trading everyone!

*This information is not a recommendation to buy or sell. It is to be used for educational purposes only.*
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