Bitcoin has reached an important zone on the daily chart, and we have seemed to form a trend exhaustion pattern. A double top/head and shoulders pattern.
This head and shoulders is crucial because it shows us the shift of a trend from higher lows to lower highs. We may very well have formed that lower high here, however it is NOT confirmed until we get the break and close below the neckline.
I drew the trend line for more confluence, but my followers know I am more of a market structure person, trendlines are more subjective on how you draw them.
There is a big fib level at 9500, and this fib level is what Bitcoin has adhered to really well. Check out that levels in the trade idea linked below. I will be interested to see how Bitcoin tests this area, if we do indeed pullback to test that zone.
This head and shoulders is crucial because it shows us the shift of a trend from higher lows to lower highs. We may very well have formed that lower high here, however it is NOT confirmed until we get the break and close below the neckline.
I drew the trend line for more confluence, but my followers know I am more of a market structure person, trendlines are more subjective on how you draw them.
There is a big fib level at 9500, and this fib level is what Bitcoin has adhered to really well. Check out that levels in the trade idea linked below. I will be interested to see how Bitcoin tests this area, if we do indeed pullback to test that zone.
