Bitcoin Ready To Drop It Like Its Hot Before We Bounce Bounce
BTC continues to trace what appears to be an H&S pattern.
We are currently working on the right side of the pattern which means we will likely see a push to the 6600's before a drop to the 6300's where we should bounce back up through 6400 and 6800 in a more convincing manner.
The right side hasn't completed yet so this is still unconfirmed. What we can say is we are still struggling to get about 6800 and we seem to have enough support right now keeping us above 6200.
Weekend trading has a tendency to be unpredictable but I expect the right shoulder to finish and a bounce at the 6300 level this weekend - possibly today - which should give us a much better chance at breaking through the 6800 and onto the 7200 barrier.
If you are taking a position - keep an eye on the charts and try to buy in the 6300 range - otherwise if you are holding - enjoy the show.
We are currently working on the right side of the pattern which means we will likely see a push to the 6600's before a drop to the 6300's where we should bounce back up through 6400 and 6800 in a more convincing manner.
The right side hasn't completed yet so this is still unconfirmed. What we can say is we are still struggling to get about 6800 and we seem to have enough support right now keeping us above 6200.
Weekend trading has a tendency to be unpredictable but I expect the right shoulder to finish and a bounce at the 6300 level this weekend - possibly today - which should give us a much better chance at breaking through the 6800 and onto the 7200 barrier.
If you are taking a position - keep an eye on the charts and try to buy in the 6300 range - otherwise if you are holding - enjoy the show.
Comment:
We spiked instead of moved down.. we are moving sideways.. hold on for now.