Here is my modest view of the giant coin. Previously, we noticed that it respected a historical robust support and ultimately bounced reversal times. Now, a reversed symmetrical triangle has been formed in which the upper leg was greatly penetrated with great volume. It broke out and has just hit down the upper leg which can be seen as a retest. It is a very normal behavior and I believe the coin will continue to be bullish unless it breaks down that up slanted support as seen in chart. In that case it is time to short it.
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That behavior is anticipated and as explained, it retested the up slanted support (leg).
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It is a bouncing support. there were multiple breakdown only by candle wicks which are fake ones.
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after the retest, the speculations have formed a diamond which was broken out successfully. see blue line as it is the same level as a previous historical supply zone.
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Here is an update from what I think is going to happen. The coin has formed a top head and shoulders in which neckline was broken down. BTC is now in the bottom of the price channel highlighted in chart. This is a very strong reversal point otherwise if the coin happens to break down the channel, it is going to be bearish.
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Reversed after hitting the target in the bottom of the price channel.
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Bitcoin has almost completed a top head and shoulders but it may not be an ideal one considering the volumes. however, we should not neglect the existence of the pattern whether it fails or morphs! a break down of the neckline is a signal of shorting the coin!
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Forbidding the evils should take precedence over the good. Irregardless of the bottom H&S, the Top H&S in which neckline is broken is a caution signal. No matter what it looks like, one must take such pattern in consideration before deciding on any trade.