Hi!
Today i would like to share my idea on BTCUSD.
From the 1 hour chart, we see that a bear pennant is formed.
On top of that, if you look at the bigger picture, a head and shoulders pattern is there.
I have 2 conclusions for this;
1. First is that after reaching the resistance it would test the 0.236 fib level and break the resistance to get to the 0.382 fib level and test the 0.382 fib level again.
This argument is supported by the fact that the RSI level is still at the lower 40s, which is quite hard for it to go down to the 6700 USD price level.
2. Again, after reaching the resistance, it would break the 0.236 fib level and test the support levels of the bear pennant, then it would test again the 0.236 fib level before going back down to the 6700 USD price level to complete the head and shoulders pattern.
Disclaimer: This is not a financial advice!
Thats all from me!
Any feedback or comments are welcomed!
Today i would like to share my idea on BTCUSD.
From the 1 hour chart, we see that a bear pennant is formed.
On top of that, if you look at the bigger picture, a head and shoulders pattern is there.
I have 2 conclusions for this;
1. First is that after reaching the resistance it would test the 0.236 fib level and break the resistance to get to the 0.382 fib level and test the 0.382 fib level again.
This argument is supported by the fact that the RSI level is still at the lower 40s, which is quite hard for it to go down to the 6700 USD price level.
2. Again, after reaching the resistance, it would break the 0.236 fib level and test the support levels of the bear pennant, then it would test again the 0.236 fib level before going back down to the 6700 USD price level to complete the head and shoulders pattern.
Disclaimer: This is not a financial advice!
Thats all from me!
Any feedback or comments are welcomed!