BTC Head and Shoulders

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After a massive selloff we are entering in a bullish Market in the daily chart .

It is too early to call for a Head and Shoulders pattern, but you can see that, it seems that after the failed H&S formation of March 5, it start forming a new one, the Right shoulder which failed and ended in a bearish run, appears to be the Left shoulder of the new formation.

Also you can see that at this moment BTC is in a critical support which is the downtrend line of the long term bearish market we have been in since BTC achieved ATH , and it is also trading at $9.2K (the purple line), which has been a very strong resistance price in the past.

If we continue the bullish run, it is very possible to see BTC jumping over $11K level in the next week to start forming the right shoulder. If the pattern goes as it is forecasted in the chart, next step for BTC will be the $15K, this will be a very clear confirmation that we are in a new long term bullish trend .

Trade safely.

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