Bitcoin Analysis [UPDATE 19-04-2018]
Updated
Has Bitcoin shaken off the bears?
After setting up a head and shoulders pattern which saw a spike down through the $8,000 level and neckline of the pattern, we have seen BTCUSD brush aside the bearish momentum and recovered very well finding support above the key level of $8,000.
There is still a risk the head and shoulders pattern could play out, but is looking less likely given the quick reversal on the break of the neckline.
Interestingly, a break-out pattern is now setting up. Given the strength of the move from $6,000 to $8,000, it appears accumulation is now taking place. A break to the upside would target the $8,700 level with the possibility to overshoot into the consolidation above around $9,100, that triggered a sell off in mid-March. A break of this consolidation pattern would be extremely BULLISH .
On the other hand, should price break out to the downside, the head and shoulder target would still be in play that would shoot straight through the $8,000 level.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
After setting up a head and shoulders pattern which saw a spike down through the $8,000 level and neckline of the pattern, we have seen BTCUSD brush aside the bearish momentum and recovered very well finding support above the key level of $8,000.
There is still a risk the head and shoulders pattern could play out, but is looking less likely given the quick reversal on the break of the neckline.
Interestingly, a break-out pattern is now setting up. Given the strength of the move from $6,000 to $8,000, it appears accumulation is now taking place. A break to the upside would target the $8,700 level with the possibility to overshoot into the consolidation above around $9,100, that triggered a sell off in mid-March. A break of this consolidation pattern would be extremely BULLISH .
On the other hand, should price break out to the downside, the head and shoulder target would still be in play that would shoot straight through the $8,000 level.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Note
Long targets hit. The consolidation zone above between $9,000 and $9,200 will be a big test.Trade closed: target reached
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