It turned out that H&S pattern was built in order for MM to be able to buy moreBTC, thanks to the sell volumes. After the whole market realized that the price wasn't going down, some people began to buy back, changing the trend to upward again. H&S pattern was broken and this recent high around $8170 can't be the right shoulder.
The strongest support is located around $7500 - $7600. Less strong support levels are $7850 and $8000, there you can buy. Resistances are located at $8100 - $8200 level and $8350. If we see a breakout of these levels, we'll go higher to $8500 - $9000 zone. This direction is also supported by the previous .
An uptrend will be broken only in case of $7500 breakdown.
Thanks for sharing your idea! What do you think about the gap at $7175? Sooner or later we'll have to close it.
BillCharison
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@agent474, First of all, sometimes gaps stay unclosed, we have a 7% chance for that. But if we consider closing the gap, I doubt that we'll go there before 21st of May, there are a lot of other things to think about. When the trend changes to bearish, we'll talk about this gap once again.
agent474
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@BillCharison, wow, that's an interesting number, why exactly 7%? Is that a part of statistics or smth?
BillCharison
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@agent474, Yes, this is statistics data, recently this rate is confirmed more and more, so we can safely use them in our case.
LittyKimmy
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On your chart I see indicators (RSI) overbought, but at the same time you tell that we should go up. Could you comment this?
BillCharison
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@Robert_Mercer, First of all - when oscillators are in overbought or oversold zone, it doesn't always give bullish or bearish sign. In our case we have the following situation: overbought RSI and divergence mean only that we have a resistance above the current price, nothing more.
Tophyr
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lol, or it was just a bad call...
cryptohopper
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Negative correlation between Bitcoin and other cryptos in a bull run. Keep an eye on it or your account could have some red numbers!
WBM_Team
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We think we are in the bull run.
The price has crossed couple of major resistances.
Technically it looks very bullish.
The Q2 2019 is the 2nd best quarters since 2014. Remember we have still 40 days till the end of Q2 2019.