Bitcoin - Crosses the Line - As I See It
After 2 months in a downward slide of lower Highs and lower Lows, it looks like a new Trend is forming for Bitcoin.
There were two patterns on this Chart.
The First Pattern, the one that has dominated the last two months and formed by the Red Lines, is a down sloping channel.
The Second Pattern, shaping up over the last month and formed by the Blue Lines, is an inverted Head and Shoulders pattern .
Yesterday the two patterns met. In the last 24 hours a break out to the upside occurred, breaking out of a two month downward trend. The daily price for Bitcoin is continuing to trace out an inverted Head and Shoulders pattern.
If the downward trend line is broken then there is potential for the price of Bitcoin to begin a new upward trend.
If the inverted Head and Shoulders pattern holds there is potential for the price of Bitcoin to briefly continue building a solid shoulder and then commence trending upwards.
As I see it.
I have no crystal ball. I look to where similar past trends went to guess where current trends may go. These comments are written for entertainment purposes and are not intended as investment advise. I am receptive and encourage comments and (constructive, friendly) criticism.
After 2 months in a downward slide of lower Highs and lower Lows, it looks like a new Trend is forming for Bitcoin.
There were two patterns on this Chart.
The First Pattern, the one that has dominated the last two months and formed by the Red Lines, is a down sloping channel.
The Second Pattern, shaping up over the last month and formed by the Blue Lines, is an inverted Head and Shoulders pattern .
Yesterday the two patterns met. In the last 24 hours a break out to the upside occurred, breaking out of a two month downward trend. The daily price for Bitcoin is continuing to trace out an inverted Head and Shoulders pattern.
If the downward trend line is broken then there is potential for the price of Bitcoin to begin a new upward trend.
If the inverted Head and Shoulders pattern holds there is potential for the price of Bitcoin to briefly continue building a solid shoulder and then commence trending upwards.
As I see it.
I have no crystal ball. I look to where similar past trends went to guess where current trends may go. These comments are written for entertainment purposes and are not intended as investment advise. I am receptive and encourage comments and (constructive, friendly) criticism.