While the long-term sentiment of BITCOIN remains bearish both technically and fundamentally, some corrections are needed before further bearish moves continue.
Taking a close look at the current price action, it can be inferred that a decent Head&Shoulders pattern has been formed. From here, we strongly believe that the price will keep rising in order to complete the correctional move that is lacking. We are eyeing the area of the previous Lower Low that is plotted on the graph that nicely lines up with the in-between zone of the 0.5 and 0.618 Fibonacci retracement levels.
While it is relatively difficult to predict the next move in these situations, this is the scenario that we believe will happen.
Feel free to drop your ideas in the comment section below!
Happy trading to everyone!
Taking a close look at the current price action, it can be inferred that a decent Head&Shoulders pattern has been formed. From here, we strongly believe that the price will keep rising in order to complete the correctional move that is lacking. We are eyeing the area of the previous Lower Low that is plotted on the graph that nicely lines up with the in-between zone of the 0.5 and 0.618 Fibonacci retracement levels.
While it is relatively difficult to predict the next move in these situations, this is the scenario that we believe will happen.
Feel free to drop your ideas in the comment section below!
Happy trading to everyone!