Quick TA on Bitcoin.
Today, we see the long awaited result of the price squeeze at over the past week.
Most people have been expected a break to the upside given the peculiar inverse H&S pattern formed. However, it is evident that despite testing the overhead resistance or neckline for some time, the awaited break to the upside actually rolled over instead. This can be quite conclusive of a failed completion of the inverse H&S.
From a shorter term perspective, we see that price action is now testing the lower boundary of the upward trend channel, possibly looking for the 200MA (in red). A rebound is still quite possible if we see strong buying volume coming in, but i would wait and see if this the 200MA proves to provide a strong support level. For all the bulls out there, be careful not to catch a falling knife!
Today, we see the long awaited result of the price squeeze at over the past week.
Most people have been expected a break to the upside given the peculiar inverse H&S pattern formed. However, it is evident that despite testing the overhead resistance or neckline for some time, the awaited break to the upside actually rolled over instead. This can be quite conclusive of a failed completion of the inverse H&S.
From a shorter term perspective, we see that price action is now testing the lower boundary of the upward trend channel, possibly looking for the 200MA (in red). A rebound is still quite possible if we see strong buying volume coming in, but i would wait and see if this the 200MA proves to provide a strong support level. For all the bulls out there, be careful not to catch a falling knife!