BTC Bitcoin: Head & Shoulders Coming
Hello friends, today you can review the technical analysis on the 4H linear scale chart for Bitcoin ( BTCUSD ), a cryptocurrency.
#CryptoPickk noted in the chart:
1) The Bitcoin Price is breaking out of the falling channel it has been forming for multiple weeks.
2) The price has a measured move of about 7%-8% before it may be met with resistance around the 63K-65K. This is outlined in the red rectangular box in the chart.
3) If the price does not break out of that area to meet an All Time High, the price may form the Right Shoulder of a Head and Shoulders Pattern (which is a Bearish Pattern).
4) The measured move of the Head and Shoulders Pattern bring the price down to the 51K-
52K area, which is about 18%-20% down.
5) The 51K-52K area is also a place where the price may touch a long-term (multi-month) trendline before a bounce.
6) The chart shows the Ichimoku Cloud is red showing that there may be some downside potential upcoming.
7) The RSI (relative strength index) has been forming Lower Highs for multiple months. If the price moves up by the estimated 7%-8%, the RSI may go up to re-test the top trendline before going back down.
8) The Volume is consistent.
9) If the price falls back into the falling channel or reaches a new All Time High, this idea may be invalidated.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk noted in the chart:
1) The Bitcoin Price is breaking out of the falling channel it has been forming for multiple weeks.
2) The price has a measured move of about 7%-8% before it may be met with resistance around the 63K-65K. This is outlined in the red rectangular box in the chart.
3) If the price does not break out of that area to meet an All Time High, the price may form the Right Shoulder of a Head and Shoulders Pattern (which is a Bearish Pattern).
4) The measured move of the Head and Shoulders Pattern bring the price down to the 51K-
52K area, which is about 18%-20% down.5) The 51K-
52K area is also a place where the price may touch a long-term (multi-month) trendline before a bounce.6) The chart shows the Ichimoku Cloud is red showing that there may be some downside potential upcoming.
7) The RSI (relative strength index) has been forming Lower Highs for multiple months. If the price moves up by the estimated 7%-8%, the RSI may go up to re-test the top trendline before going back down.
8) The Volume is consistent.
9) If the price falls back into the falling channel or reaches a new All Time High, this idea may be invalidated.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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