THookerTrading

Interesting Times. BTC Analysis

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
We've got some support on the 100 SMA , if we see a move up, we could see a potential head and shoulders pattern coming if there is a failure to break 7000 and hold above it.
A break below 6700-6650 (Orange Line) could see further downside towards the support at around 6200 (Green Line). I think we could see negative markets coming out of the weekend which may be a catalyst for this as there is some correlation in the market.
Time will tell. Stay Safe
Comment: Need to see support above 6550 for a continuation upwards. Failure to move up could see us dropping to the Green line and reverting back to the beginning of the movement as seen on the 1st April.
Comment: Seen a nice bit of support around 6700-6650, also sitting directly on the 100 SMA which could be helping it right now.
Within the next few candles we need to see, a push higher taking 6800 -6900 with a fair show of strength (retaking the trend line) otherwise the we could see a movement downwards to the green line.
If it does show strength higher, it'll come up against the big 7000 and its been a tough one to keep above.