Bitcoin Has a Good Head on Its Shoulders
In a range for a few weeks, Bitcoin is just letting off steam and draws us a head and shoulders pattern. Between Tesla's Technoking warning and possible general tightening of regulations across the world, nothing is going well for the queen of all digital currencies.
Nothing? Not quite.
Bitcoin has so far shown great resilience, foiling any negative news. I remain strictly bullish above the pivot area of 43000. The bearish head and shoulders pattern has not yet been validated, but it nevertheless invites us to be cautious. I thus reduced the size of my positions in order to minimize the risk.
If the pivot area and the pattern's neckline are crossed, I will go neutral by buying supports and selling resistances.
I will not hesitate to buy a possible rebound on the support area of 30000/28000, which corresponds to the objective of the head and shoulders pattern. Under this zone I will place a stop order below which I will become strictly bearish.
Of course, this is only my opinion ;)
Nothing? Not quite.
Bitcoin has so far shown great resilience, foiling any negative news. I remain strictly bullish above the pivot area of 43000. The bearish head and shoulders pattern has not yet been validated, but it nevertheless invites us to be cautious. I thus reduced the size of my positions in order to minimize the risk.
If the pivot area and the pattern's neckline are crossed, I will go neutral by buying supports and selling resistances.
I will not hesitate to buy a possible rebound on the support area of 30000/28000, which corresponds to the objective of the head and shoulders pattern. Under this zone I will place a stop order below which I will become strictly bearish.
Of course, this is only my opinion ;)
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