#bitcoin - Secondary Trendline is new Resistance

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Good morning guys,

Thank you for your well-wishes guys here and via DM , really sweet! No, it´s nothing serious. :-)

Bitcoin by the looks accepted the red secondary trendline (and the yellow box) as new resistance. The former A&E-Bottom plus the Quarterly Pivot seem to be our target for a daily close. This is a very strong key-level, where it is going to needed to wait and see. We do have the SMA100 in between now and then and also bounced there once, usually, it does not provide enough protection for a final reversal.

Targets remain the same for now as do break-levels. Below us, we find the Quarterly and former Lows around between $9500-$9400 and above us as new Resistance the $10300 mark.
The next two possible chart formations are both rather bearish nature, with the M-Top and a Descending Triangle . Both are quite large, also I am aware many of you see the bearish Head & Shoulders .
A quick word, yes it is an H&S reversal formation, but due to the fact we have a very diagonal neckline, that is on top rising, not horizontal or falling, makes this pattern not a very strong one.
Working with patterns and for receiving targets, one needs to focus on those which are a better match.

I am drawing and Update for this later the day.

Warm regards,

Nice and thanks.
Hey Neru nice to see you again. I think support is heading out and thjs HnS will be reversed. But its bitcoin and would kove to have your thoughts on my analysis as well.

+1 Reply
Great work here! Keep it up :). Happy trading!
+1 Reply
Thanks! Great TA :)
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