Is the inverted head & shoulders pattern about to fail? In this video I take a look at the current structure and explain potential targets.
In this video, I reviewed what happened to bitcoin since Monday with some highlights below: 1. On daily and weekly, no doubt BTC is still in the uptrend. Key zone and levels remain well 2. What Yellen said and how to use fib and measure move to guess the price move (Fib, ab=cd and daily bullish flag structure) 3. Alternative option for less risky investors or traders.
I expected price to show some rejections from 11150 area and it played out well. We have break below the previous low or local support. I am expecting price to retrace around 10625 area for another short set-up. It is less likely to test 10742 but we should consider it as another level of resistance. Possible targets for bitcoin are 9300 area as you can see...
In this third part of the bitcoin price analysis, I go over the measured move to reveal a bearish price target of $7,250 which coincides with the fibanocci analysis I did in the first part of this series.