Be Fearful for Bullish BTC

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi Everyone,

Even with all the bullish try, it still looks like the bulls are finding it hard to win this one for BTC .
There are so many points which shows in this 4h chart. Check following

  • Check the big bold resistance line in Blue, which is so hard for BTC to break
  • In pullback from 6000 to 9099 (which by the way is the Blue resistence as well), it retraced exactly 38.2%. Then it starts moving up now. Place a close look at Green line moving up from 7931 towards resistance line. Two scenarios if it breaks we will have an awesome bullish trend . If it does not break the Blue bullish line, we may have a Head and shoulders pattern. What does that mean?
  • That means it may get down near to 6700 range as part of retracement

Again, this is just what the chart is saying, take it with a pinch of salt and may need some vodka and lemon for all the buy position holders.!!

Take Care and Happy Trading.!!
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