alanmasters

Bitcoin To $10k P.t 3 | iHead & Shoulders (Support & Resistance)

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin ( BTCUSD ) is following perfectly my chart from the 21-Nov., where we spotted the potential for a bounce at $6500 and saw Bitcoin going to $10000+ next month.

You can see it here:
Now, Bitcoin is printing the classic Inverse Head & Shoulders pattern, with the right shoulder being formed on increasing volume .

To provide additional and useful information, I also added the Fib. support and resistance levels for this next move.

Bitcoin ( BTCUSD ) Support & Resistance Levels
  • Support: $7188, $7044, $6840, $6640, $6515
  • Resistance: $$7370, $7850, $8220, $8750, $9600, $10136

The bold orange line is the "neckline" for the iH&S pattern. Above this line, Bitcoin can make a strong move to the upside.
Below the neckline, the pattern can easily become invalidated and we see Bitcoin go lower.

My view
I am of the bullish view and I believe Bitcoin will move higher in December 2019. Now the chart signals are fully starting to support this view.

Here is my previous analysis with an update on the Altcoins market bullishness and growth:
Thanks a lot for reading and for your continued support.

Namaste.
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Comments

Good work !
+1 Reply
alanmasters UnknownUnicorn2760874
Reply
tommykingston alanmasters
@alanmasters, thanks! Any thoughts on NPXS?
Reply
alanmasters tommykingston
@tommykingston, Nothing yet... Needs more time.
Reply


Thats not a proper inverse head and shoulders, this is actually a bulltrap, one very similar to our last capitulation.
Reply
alanmasters TelecomTycoon
@TelecomTycoon, Let's hope not.

Thanks for sharing.
Reply
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