Bitcoin seems to be headed for a Head and Shoulders formation. Should the right shoulder emerge shortly, a reversal back to the downside will be the consequence, within a day, OR four days.
In the case of four days, that would mean that the head and shoulders formation was obsolete and the price could get jacked up to the 13,400 level, and then continue downwards as price will go down.
However, a sustainable break of the 13,800 level, along with good volume would mean an uptrend.
It's all about weighing the options ahead and adjusting as we approach the most probable scenario. Good luck fellow traders!
In the case of four days, that would mean that the head and shoulders formation was obsolete and the price could get jacked up to the 13,400 level, and then continue downwards as price will go down.
However, a sustainable break of the 13,800 level, along with good volume would mean an uptrend.
It's all about weighing the options ahead and adjusting as we approach the most probable scenario. Good luck fellow traders!
Comment:
Hmm... looks like Bitcoin likes to retest its resistances and then back to retest its support... could it be in ranging mode between the double top of 11,680 and the 6,400 level? Only time will tell :)