BTC Ih&s
Updated
Possible 3 month head and shoulders forming on BTC.
Price currently in right shoulder, reaching the same highs as the left shoulder (~7.8k). Expect price to bounce off this level for a few days, before a short pull back to 7.0-7.2k. This pullback would make sense given that daily RSI is currently touching oversold. If this pullback occurs, I'd expect a quick bounce off it given that bears have struggled to break the 7.2k support levels in the past week.
Price should easily break the current 7.7-7.8k levels then, also breaking the neckline of the ih&s. From this point, bulls will have to break through resistance at 8.4k, 9k and 9.4k. I fully expect that these levels will be broken and price to reach the early May highs of 9.8-10k.
Fingers crossed from there that we can have the pyschological euphoria of crossing 10k again for the first time since March
Price currently in right shoulder, reaching the same highs as the left shoulder (~7.8k). Expect price to bounce off this level for a few days, before a short pull back to 7.0-7.2k. This pullback would make sense given that daily RSI is currently touching oversold. If this pullback occurs, I'd expect a quick bounce off it given that bears have struggled to break the 7.2k support levels in the past week.
Price should easily break the current 7.7-7.8k levels then, also breaking the neckline of the ih&s. From this point, bulls will have to break through resistance at 8.4k, 9k and 9.4k. I fully expect that these levels will be broken and price to reach the early May highs of 9.8-10k.
Fingers crossed from there that we can have the pyschological euphoria of crossing 10k again for the first time since March
Comment
EDIT: Forgot to mention that if this ih&s plays out, that we'll be breaking the 6 month long downwards trend line
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