So, after a good run from $31000 to $41500 in 7 days with multiple resistance breaks there could possibly be a Head & Shoulders pattern forming on Bitcoin as seen on multiple hourly time frames.
As of writing this Bitcoin has been heavily rejected from $41330 after breaking through its previous resistance and I believe it will continue to go down after this for a while.
I'm overall bullish on Bitcoin, but I don't think these massive swings are over with quite yet, something to think about.
hey can you make it clear which head and shoulders are you talking about. Moreover, MACD is still positive that could indicate that there is still a chance of a bullish continuation, how is your analysis taking that factor into account?
ryan_fw
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@Mudrex, Sorry, just posting this as a possibility of what may come, should have used the 1 or 2 Hour chart with the MACD included instead of the 4HR as the lines have crossed(still on the upside though) and look like they may be heading towards bearish territory. I think we might stay in the range of $31000-$41000 for a while until further continuation to the upside just going off of the trend last few weeks.
Abdolrahim_Esf
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which head and shoulders!!!!
ryan_fw
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@Abdolrahim_Esfandi, It hasn't formed yet but I do think there's a good possibility of it happening just going off of the trends the last few weeks.