Bitcoin - valided the H&S pattern. What's next?
Hi guys,
Another update on another coin. This time it's the king... BIETCOIN! You are currently looking at the daily chart of BTCUSDT on Binance. The chart tells us a couple of things:
- Firstly, we have had a terrible period (may-mid july). We've seen a drop of approximately 40-45% in USDT value. The bears were euphoric and hoped to break the 5.7-5.8k range, which they didn't succeed in.
- Everyone noticed the inverted H&S pattern, as can be seen on the chart. On the 16th of July we pumped and tested the 50MA and on the 17th of July we broke the neckline of the Inverted H&S with convidence.
- Yesterday we got rejected by the 200MA, which is healthy.
- RSI mooned. Therefore, I expect a pullback first before we will rise again.
- 7.8k - 8k area is a strong resistance (.5 fib level). In June we failed to break this area and we have to keep a close eye on this area. If we get rejected again, we may expect a big dump.
- Fundamentals are very good lately.
Let's see where we are heading. Just keep a close look on the 7.8k-8k area. The bears might show some strength in that zone.
CHEERS!
Another update on another coin. This time it's the king... BIETCOIN! You are currently looking at the daily chart of BTCUSDT on Binance. The chart tells us a couple of things:
- Firstly, we have had a terrible period (may-mid july). We've seen a drop of approximately 40-45% in USDT value. The bears were euphoric and hoped to break the 5.7-5.8k range, which they didn't succeed in.
- Everyone noticed the inverted H&S pattern, as can be seen on the chart. On the 16th of July we pumped and tested the 50MA and on the 17th of July we broke the neckline of the Inverted H&S with convidence.
- Yesterday we got rejected by the 200MA, which is healthy.
- RSI mooned. Therefore, I expect a pullback first before we will rise again.
- 7.8k - 8k area is a strong resistance (.5 fib level). In June we failed to break this area and we have to keep a close eye on this area. If we get rejected again, we may expect a big dump.
- Fundamentals are very good lately.
Let's see where we are heading. Just keep a close look on the 7.8k-8k area. The bears might show some strength in that zone.
CHEERS!
Comment:
Looking at the 4hour chart we can expect a drawback to the 7200-7000 level (.236 and .382 fib level). MACD is nearly crossing and RSI is still overbought. A correction would be healthy in order to grow to 7800.
