Hey guys, please leave a like if you think this idea is useful. The last two days we have formed a head and shoulders patter, we fell through the support level of $6770 and $6740. We bounced back on the support zone around $6690, I think we might retest the resistance level of $6784. As you can see on this 3h chart, we formed a bear flag , so we will probably will go down again.We will possibly fail to break through that resistance level ($6784), the first support level is around $6770 and the second is around $6740.
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Bitcoin broke the $6740 support, next support level is around $6690
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The bear flag trendline that I drew on the 3h chart is currently acting as resistance on the 5min chart.
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Bitcoin failed to break the $6770 resistance level, we will probably move towards the support level of $6740. I am waiting for a break through the support level of $6740, if we do that I will open another short position. We also just broke the support of the 50 moving average, so chances are big that we move towards the $6740 support level. If we break that support level the next support is around $6730. I will close a part of my short position, if we reach that support level. If we break that support level I will open another short position, the next support level is around $6690.
Remember this is not financial advice, always do your own research.
Remember this is not financial advice, always do your own research.
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As I was writing about this head and shoulders pattern, bitcoin already fell down. Presently we are being support by the $6740 support level. Next support level is around $6730.
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Fell through $6740 support, just as I expected. Next support level is around $6730.
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Watch the $6730 support closely, if we fall trough that support level, you could consider opening a short position. The nex suport is around $6690, if we reach this support you could consider to close a part of your short positions.
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Bitcoin just broke the $6730 support, next support is around $6690.
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Bitcoin is back above the support level of $6730. Watch this level closely guys!
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Hope you got in a short position, bitcoin just fell through major support levels: $6690 and $6670. Next support level is around $6100.