quantguy

Can Bitcoin Breakout??

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has been jostling for direction lately, after being batted down to $52.8K, then rallying back to $59.4K, where we saw resistance confirmed by a red triangle on the KRI . We are settling right now in the low $57K's, but there is a bit of volatility in this narrow range at is struggles to find direction. The Kovach OBV is gradually picking up strength, potentially suggesting a bull divergence. Additionally, we are starting to see an inverse head and shoulders forming with a neckline at $59.4K. Watch for BTC to tend toward the neckline before breaking out further into the $60K's. If so, $61.6K and $62.4K are the next targets. If we reject the neckline, it will be a bearish sign and we could retrace to $52.8K again or lower.

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