TradingShot

BITCOIN Break down analysis. See which levels to watch!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has been very volatile lately after the parabolic rise made a stop. 4H is trading on an Inverse Head and Shoulders pattern and its neckline has just been marginally crossed.

This is an early bearish signal as it brings BTC face to face with a pivotal Support, the 7600 level. This is were many major Support levels cross paths creating a strong Support Zone . If breached expect to test the 6870 - 7000 1D Support soon.



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Comments

dont you think is going to the low 6k area anymore?
+2 Reply
@Ville1, Yes I do. This analysis is on a short time horizon only.
Reply
Watching closely with you guys! Currently long and scaling out. Have a slight feeling we could see a very nice jump soon but have a short alert ready just in case :)
+1 Reply
TradingShot TradeIndicators
@TradeIndicators, Thanks TI! Have that short ready as you say!
Reply
TradeIndicators TradingShot
@TradingShot, Yes Sir ;)
+1 Reply
Key resistance broken, room for long positions after the pull-back!

+1 Reply
TradingShot CopilotThe
@CopilotThe, Approaching the 1W Resistance. Let's see how this plays out over the weekend. High alert indeed.
Reply
This is how we do it. :)

+1 Reply
TradingShot WBM_Team
@WBM_Team, +10 for the cat warning us of the alt season!
Reply
Longer consolidation process if the resistance R1 at $8,000 is not broken, however if R2 is broken, bull run likely to continue:

+1 Reply
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