Hi guys!
It's been a long time since a did an analysis, sorry about that thoooooo! Anyways, you can see a Head and Shoulders on the chart. Don't understand why everyone isn't talking about this. On this chart, you can see that it seems like the support level has been broken. However, on the 1 hour time-frame, there's no confirmation that Bitcoin will actually go down. Why? Because it can be retesting the support level or it can turn out to be a false breakout.
If we look at the RSI, we can see that there's a divergence. But, we can also see that the RSI broke the trendline that was acting as a support level. So what is the conclusion?
If the the Head and Shoulders will play out, we can see a price movement towards $43713.29. If the price goes up, then this was a false breakout. But keep in mind, Head and Shoulder Patterns play out more than 80% of the time. Either way, the market will tells us wether we should take a buy order or sell order.
It's been a long time since a did an analysis, sorry about that thoooooo! Anyways, you can see a Head and Shoulders on the chart. Don't understand why everyone isn't talking about this. On this chart, you can see that it seems like the support level has been broken. However, on the 1 hour time-frame, there's no confirmation that Bitcoin will actually go down. Why? Because it can be retesting the support level or it can turn out to be a false breakout.
If we look at the RSI, we can see that there's a divergence. But, we can also see that the RSI broke the trendline that was acting as a support level. So what is the conclusion?
If the the Head and Shoulders will play out, we can see a price movement towards $43713.29. If the price goes up, then this was a false breakout. But keep in mind, Head and Shoulder Patterns play out more than 80% of the time. Either way, the market will tells us wether we should take a buy order or sell order.