BTC: crucial moment (do you see a head and shoulders pattern?)
I have tried to make things as simple as possible. Not only because I'm not a professional or top analyst (and I'm not a top or por analyst), but also because I think that between two different analyzes with the same results, the simplest one is superior to the more complex one. So let's go to what I see.
We have a long asceding channel. And we have a possible desceding channel.
Look:
1) Note that the support for BTC is the lower limit of the asceding channel, and what the resistance for BTC is the Downtrend Line 1, ie the upper limit of the desceding channel that is being to formed (possible).
2) Also note that BTC failed to sharply break the resistance formed by the Downtrend line 1.
Result: The BTC is within a triangle formed by the bottom of the lower limit of the asceding channel and the upper limit of the (possible) downtrend channel.
And then? So, let's hope the price respects the bottom of the bullish channel (or respects EMA 50).
If these two supports don't hold the price, BTC will test the bottom of the downtrend channel, and we can have all the elements of a Head and Shouders (see related ideas).
We have a long asceding channel. And we have a possible desceding channel.
Look:
1) Note that the support for BTC is the lower limit of the asceding channel, and what the resistance for BTC is the Downtrend Line 1, ie the upper limit of the desceding channel that is being to formed (possible).
2) Also note that BTC failed to sharply break the resistance formed by the Downtrend line 1.
Result: The BTC is within a triangle formed by the bottom of the lower limit of the asceding channel and the upper limit of the (possible) downtrend channel.
And then? So, let's hope the price respects the bottom of the bullish channel (or respects EMA 50).
If these two supports don't hold the price, BTC will test the bottom of the downtrend channel, and we can have all the elements of a Head and Shouders (see related ideas).
