HiTech
Long

Bitcoin H&S Pattern - Growth Towards 17-18k?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
After finding the low at $5900, the Bitcoin             price went up breaking above the 200 Moving Average and then forming the head and shoulders pattern. Yesterday BTC/USD broke above the neckline trendline of the H&S pattern suggesting the continuation of the uptrend.

Bitcoin             still is trading above the 200 MA, which could act as the support before price goes up to either 76.4% or 88.6% Fibonacci retracement , that is $16600 and $18300 resistance levels.

The support is clearly at $9200, where the left and right shoulders were formed. If Bitcoin             will break below the Moving Average, it could decline towards the $9200 support once again before moving higher.
Comment: Bitcoin is at the support, uptrend is expected
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I guess I see things differently, and still believe BTC is on a crash pattern. It will go lower and lower in the coming months, till the whole crash cycle is complete. Buy volumes are too low to sustain any breake above 11.7k. And when everybody was happy that the downtrend was broken the momentum was still very week to push BTC up.
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@bogec, i can see the scenario where price still goes to 4k, but first, it needs to go at least 17k area
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bogec HiTech
@HiTech, we shall see. 9.2k has been broken.
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@bogec, it is expected to go slightly lower, no problems yet
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bogec HiTech
@HiTech, I see a double top with a lower second top, and secondly, market sentiment which drives the price. At the moment market sentiment is not towards a 17-18k bull run.
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agree
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looks good so far boss
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Very nice chart, we will see :)
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