A Bump in the Road to Recovery?

Updated

Well, look what I found in the one hour chart. A reverse head and shoulders with a completed neckline. What makes this interesting is the ascending price reversal trend line in blue intersects perfectly with the neckline of the reverse head and shoulders and right under our current BTC price. Also, you will notice on the chart that the one hour MACD is getting ready to cross to the downside. Looks to me like all you early to bed folks in the eastern time zones better drink a coffee because you don't want to miss out the potential of a reversal to the downside.

I am the Milk Man because I always deliver....

Note

Well, we are definitely through the uptrend line and we just passed through the 0.5 Fibonacci retrace level at 8802. Next stop is a test of the 50 EMA at 8712. Beyond that is a nice support level at 8582. If we break that, I think it's fasten your seat belt time. We may be testing the 7200 level. A violation of the previous low at 7248 would line up a run at testing the 6000 mark. And you thought we were out of the woods, didn't you?

I am the Milk Man because I always deliver...

Note

I forgot to mention that if we fail to hold the Fib. line at 8802, we would likely see a move back up to the uptrend line and the 9000 mark.

The_Milkman

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