Good afternoon traders.
With Bitcoin, hitting the 7450 target which was mentioned on our last analysis we can now see the price is slowly going back to the zone where we have been trading on the past few days.
On a 4 hour time-frame perspective there's also an inverted head and shoulder formation which gives us a perfect bullish pattern which soon could explode all the way up to 9000-9500, but knowing how volatile the crypto market is, all text-book-alike chart patterns like this one could be a trap, so I'd like to stick to confirmations before taking any trades.
As mentioned on the last analysis, it will need a clean break of 8200 region for me to shift my perspective to bullish, upon breakout we will update you with upside targets.
For now, knowing that after months of huge bullish rally we had, taking us from 3000 to 8000, somehow the bulls lost their momentum at a crucial level of resistance of 8200-8500, and IF they struggle to break above, I see prices melting.
Stay tuned to our telegram channel for regular updates.
With Bitcoin, hitting the 7450 target which was mentioned on our last analysis we can now see the price is slowly going back to the zone where we have been trading on the past few days.
On a 4 hour time-frame perspective there's also an inverted head and shoulder formation which gives us a perfect bullish pattern which soon could explode all the way up to 9000-9500, but knowing how volatile the crypto market is, all text-book-alike chart patterns like this one could be a trap, so I'd like to stick to confirmations before taking any trades.
As mentioned on the last analysis, it will need a clean break of 8200 region for me to shift my perspective to bullish, upon breakout we will update you with upside targets.
For now, knowing that after months of huge bullish rally we had, taking us from 3000 to 8000, somehow the bulls lost their momentum at a crucial level of resistance of 8200-8500, and IF they struggle to break above, I see prices melting.
Stay tuned to our telegram channel for regular updates.
