BTC - Something important to be aware of

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
621 1
These two patterns enclosed in the rectangles are the same pattern , both are "complex head and shoulders ".
Also both have a MA30/13 Macross on the weekly . This MA cross is not a good sign on the weekly as it indicates a possible second round of selling so BTC will have to reverse back upwards and not move below 7900 .
Should BTC move below 7900 then this setups a move down to the 6K area,
Nov 08
Comment: Also note that "complex head shoulder" on the left had a drop to 4k which was fulfilled and likewise the "complex head and shoulders" on the right has a drop to 6K .
The deciding factor here will be that BTC remains above 7900 at all times which then sets up a bounce to 16k
Thank you so much.
+1 Reply
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