Its Reacting..Now What ?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

We have been witnessing correction right from the reaction zone specified in my previous post (refer above link).

Patterns observed:
In the current chart, I have been observing a Head and Shoulder Pattern and a potential ABCD pattern . The target for both these patterns lie right into the major resistance zone .

Support and caution:
On the support side 10700-11150 zone may offer nice support. But if seller take control and we see the price action below this zone, buyers will have to be cautious. So its better to wait for some sort of buying near or at this zone before going long.

Hope this analysis would make the picture more clear.

Trade safe