dennisdaiber
Long

Head & Shoulder trend reversal

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin broke the $7400 neckline of the inverse head and shoulders pattern. This pattern suggests a bullish outcome with a target being the length of the head, which lies at approximately $8150. However, there is a major resistance level at $7800 on a 4 hourly chart, that previously served as a support. It is still early to say if this is a clear trend reversal to the upside.
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