Bitcoin formed a head and shoulders pattern over the last 2 months and just broke out. Above you can see the BTC Futures Chart. The volume confirms the pattern. Target would be around $8.3k.
On the bearish side: Usually, a rising confirmation line is a stronger reversal pattern than a decreasing neckline which we have formed. Furthermore, similarly looking chart patterns are the double top formations.
Share your thoughts in the comment section and follow us on twitter.
On the bearish side: Usually, a rising confirmation line is a stronger reversal pattern than a decreasing neckline which we have formed. Furthermore, similarly looking chart patterns are the double top formations.
Share your thoughts in the comment section and follow us on twitter.
Note
Now it gets interesting. Bitcoin just below the upper pitchfork line which it has visited several times during the whole correction since earlier july - always got rejected. (Pitchfork breakout could mean change in trend.) Note
Bitcoin upmove could just be a bearish retest of the 200d SMA on the Futures, totally in line with hitting the head and shoulders target.Note
Target area of the a head and shoulders pattern got hit perfectly.
Creating a sustainable state of financial freedom for all followers through „technical smartness“
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Creating a sustainable state of financial freedom for all followers through „technical smartness“
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.