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jpbrown1023

BITCOIN - Finding support on the downtrend, ready for Round 2

Bitcoin (COINBASE:BTCUSD)  
jpbrown1023 Updated   
COINBASE:BTCUSD   Bitcoin
Chart Patterns Trend Analysis Technical Indicators BTCUSD BTC btcusdlong BTCUSDT
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chartpattern trendanalysis indicator btcusd btc btcusdlong btcusdt
Looking at the 4-hour chart for BTC, Bitcoin finally found solid ground and recovered from its low of $3,400. It broke a key downtrend line that now appears to be acting as support. An inverse left shoulder, head, and start of the right shoulder can be seen. A break through the neckline would be a very bullish sign. If it can do that, I think the price will find resistance around $4,800 and then move on to the inverse head and shoulders target of $5,300.
Comment:
snapshot
Looks like big money is having some fun with day traders. BTC still looks weak and while it is in an upward channel, it's throwing up a big bear flag at the moment. I think BTC has one more leg down probably to the $3k level once this bear flag breaks down. And then I think the reversal will begin.
Comment:
snapshot
Looking good! Right shoulder coming around. Watch for resistance at the neckline. I think if the neckline can't be broken, we will fall quickly to $3000 so have your SL ready just in case.
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