pragmaticbestfit
Short

Maybe still looking for a retest of 7300 before 8k

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
After we broke out of the descending channel from 9900 top (purple) we were very shortly above the closest resistance lines. However the price didn’t manage to stay above and we are now down below resistance starting at 7640 again which seems to signal weakness. Many people are also mentioning the ascending wedge (top of green channel and white dotted line) which indicates a break to the down side. On the upside people are also mentioning the inverse H&S pattern. Personally I don’t know how reliable this pattern is but the right shoulder level might be around 7300 where I am also looking for a confirmation of the bottom of the green channel. So the next couple of days I will be looking for a short retest of 7300 which I also believe would be a nice place to start further movement to the upside.
Comment: Made my latest idea private by mistake... but here it is:

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