BitcoinUpdated Bitcoin getting ready to make a big move
The moving averages on the 4 hour chart are bunching together, which suggests a bigger move is near
Will the next move be bullish or bearish? A potential inverse head-and-shoulders is forming, but won't be confirmed until a sustained break above $6800.
If price can claw it's way back above $6400, I think then it would be possible to challenge $6800.
If there is a breakout above the neckline, the projected price would be $7800.
Will the next move be bullish or bearish? A potential inverse head-and-shoulders is forming, but won't be confirmed until a sustained break above $6800.
If price can claw it's way back above $6400, I think then it would be possible to challenge $6800.
If there is a breakout above the neckline, the projected price would be $7800.
Note
We've seen a nice powerful move to the upside. The strength of this move suggests an upside target closer to 8k rather that $7800.Note
I'm bullish in the short term. A sustained move above 10k would be required for me to feel bullish longer term.Note
I pullback is likely, as the recent upside move has traced a complete 5 wave impulse. Must stay above $6800 to keep the bullish momentum going.
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