BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

We have seen bitcoin's reverse head and shoulders pattern play out on the shorter time frames. Although we expected the pattern to complete at higher price ranges, we have seen bitcoin stall and slowly bleed out. However, could this be a bullish setup for the short term?

Bullish Scenario

- We are seeing relatively weakening bearish histograms on the moving average convergence divergence ( MACD ). We could potentially see a golden cross on the MACD .
- Prices are showing a potentially very bullish setup, with a descending bullish wedge
- If bitcoin were to show a breakout from current levels, we could see it pass through the ichimoku cloud resistance where it's the weakest.
- We have strong support at the 0.5 FIbonacci support, which is the 7.2k support level that has been holding for a while.

Bearish Scenario

- However, as the general trend is still bearish , if the trendline support for this descending wedge were to break down, the bullish setup would be negated.

Trade Safe.

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