Hi,
Basically, we have failed the Head and Shoulders pattern. It is not a surprise because as said in my previous post, all saw it on the chart and you probably know how the market reacts when patterns are TOO easy to read!?
Still, a tiny chance that it can play out but never know atm I read it as failed and that's why I think the price of Bitcoin may approach ATH from my marked green box.
The green box consists of:
1) 4-hour 50 EMA
2) Previously worked resistance levels become a support
3) Fibonacci retracement 38%, it is a good level if there is a decent momentum behind the price movement
4) Trendline may help a bit
The idea becomes invalid after a break below 35.0000
Regards,
Vaido
Basically, we have failed the Head and Shoulders pattern. It is not a surprise because as said in my previous post, all saw it on the chart and you probably know how the market reacts when patterns are TOO easy to read!?
Still, a tiny chance that it can play out but never know atm I read it as failed and that's why I think the price of Bitcoin may approach ATH from my marked green box.
The green box consists of:
1) 4-hour 50 EMA
2) Previously worked resistance levels become a support
3) Fibonacci retracement 38%, it is a good level if there is a decent momentum behind the price movement
4) Trendline may help a bit
The idea becomes invalid after a break below 35.0000
Regards,
Vaido
Comment:
Slowly but still approaching the marked area:
Trade active
Comment:
Got a solid 1h rejection but no continuation after that, so it might fall lower from the box!!
