Bitcoin head and shoulders failure? Or... (BTCUSD)
Hi there,
So as we've all now seen, Bitcoin has seemingly failed to breakout from it's now, well-publicised, head-and-shoulders pattern.
However, all is not lost. There is a clear supporting trendline around the 10750 level which could offer a rebound.
Also, I've not seen many people spot this, but the last main H&S pattern we had also had a failure (purple dotted line shows the neckline + arrow the failed breakout) before nearly perfect reaching it's upside target (black dotted line and arrow).
Also, this time the RSI was getting close to the overbought levels, suggesting a recharge was required.
Saying this, however, if we drop below and close beneath the 10750 support level, I would expect further downsides.
This is not investment advice!
Smyelar
So as we've all now seen, Bitcoin has seemingly failed to breakout from it's now, well-publicised, head-and-shoulders pattern.
However, all is not lost. There is a clear supporting trendline around the 10750 level which could offer a rebound.
Also, I've not seen many people spot this, but the last main H&S pattern we had also had a failure (purple dotted line shows the neckline + arrow the failed breakout) before nearly perfect reaching it's upside target (black dotted line and arrow).
Also, this time the RSI was getting close to the overbought levels, suggesting a recharge was required.
Saying this, however, if we drop below and close beneath the 10750 support level, I would expect further downsides.
This is not investment advice!
Smyelar
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