BITCOIN Technical Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Lets get right to it- Bitcoin has had a slight rally breaking out of the downward trend pattern, now lets see if the bull can sustain. At first glance I noticed a potential Inverse Head and Shoulders pattern Forming (
For this pattern to form we must see a bounce off of the 6,300 support. If this happens then a break above the neckline at 6,800 would confirm the pattern and would be an ideal price for an entry.

In addition to a potential head and shoulders formation, on the daily and 4hr chart the Bollinger bands are beginning to contract. Bollinger bands contraction provides a high probability of incoming volatility , due to overall market sentiment and other indicators such as RSI and MACD I will predict a bullish break.

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Trade active: Testing the right shoulder support Right now at 6,300. A break below would be very bearish and it would be reasonable to consider a short position.

Currently we are in a no trade zone.

However, a break above the neckline 6,8xx would confirm the pattern and be a nice long entry point.


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