Bitcoin could be in a descending triangle that could complete the H&S seen yesterday. To break the triangle downward bitcoin would first need to break the support line its been following since yesterday's retrace, then break the lower support that is also the H&S neckline.
On the other hand a break out of the resistance hypotenuse would be very bullish and could lead to a new high(on Bitmex).
Either way the Bollinger bands are starting to squeeze at the higher timescales so this period of sideways movement may be coming to a close.
On the other hand a break out of the resistance hypotenuse would be very bullish and could lead to a new high(on Bitmex).
Either way the Bollinger bands are starting to squeeze at the higher timescales so this period of sideways movement may be coming to a close.
