BTC Head and Shoulders
After a massive selloff we are entering in a bullish Market in the daily chart.
It is too early to call for a Head and Shoulders pattern, but you can see that, it seems that after the failed H&S formation of March 5, it start forming a new one, the Right shoulder which failed and ended in a bearish run, appears to be the Left shoulder of the new formation.
Also you can see that at this moment BTC is in a critical support which is the downtrend line of the long term bearish market we have been in since BTC achieved ATH, and it is also trading at 9.2K (the purple line), which has been a very strong resistance price in the past.
If we continue the bullish run, it is very possible to see BTC jumping over 11K level in the next week to start forming the right shoulder. If the pattern goes as it is forecasted in the chart, next step for BTC will be the 15K, this will be a very clear confirmation that we are in a new long term bullish trend.
Trade safely.
It is too early to call for a Head and Shoulders pattern, but you can see that, it seems that after the failed H&S formation of March 5, it start forming a new one, the Right shoulder which failed and ended in a bearish run, appears to be the Left shoulder of the new formation.
Also you can see that at this moment BTC is in a critical support which is the downtrend line of the long term bearish market we have been in since BTC achieved ATH, and it is also trading at 9.2K (the purple line), which has been a very strong resistance price in the past.
If we continue the bullish run, it is very possible to see BTC jumping over 11K level in the next week to start forming the right shoulder. If the pattern goes as it is forecasted in the chart, next step for BTC will be the 15K, this will be a very clear confirmation that we are in a new long term bullish trend.
Trade safely.
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