OK. So BTC broke upward from the bullish triangle (blue). Now what? Well, it stopped at a very important line of resistance - the shoulders line of the recent head-and-shoulders (purple), at just under $13,000. This is an important psychological barrier to clear, because the last time it rose above it (the head part of the H&S) it didn't stay above it for long.
The new trajectory (green) looks like BTC should make another attempt to take out $13,000 by July 11th. We cannot know if it will succeed or not. I think it will, because of how quickly we returned to this level after the ABC correction. This tells me there is strong interest on the buy side. Let's hope!
The new trajectory (green) looks like BTC should make another attempt to take out $13,000 by July 11th. We cannot know if it will succeed or not. I think it will, because of how quickly we returned to this level after the ABC correction. This tells me there is strong interest on the buy side. Let's hope!
Comment:
For support levels, it seems like the same $10,500 and $9,600 levels as before (yellow), which were the stopping points during the A and C corrective waves.
Comment:
BTC just now punctured the shoulders level of the last H&S. It failed to stay above it last time. Let's see if it can hold the line this time. I think so!