Grandmaster76
Education

Support at $9950, but H&S Points Down

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Support levels at $9950 stopped Bitcoin’s swift descent into shorts targeting the $8800 area. As this is currently a mid-term bear market, waiting for all the signals that a reversal is due is key to financial success.

RSI is at 30, a good buy.
However, a bearish MACD and bearish candle stick patterns may indicate further downward movement before we gain an opportunity to profit on a solid uptrend.

Overhead resistance is at the $10750 area, so if one wants to go long now or later down the road around $9100, a potential profit target is there.

We also have a head and shoulders pattern that formed fully yesterday, signaling further downward movement.

As for myself, I am saving my pennies until the signals become clear.

Best of luck to everyone! May God be with you!
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