Bitcoin still on the path to success
Yesterday Bitcoin attempted a breakout of the inverse head and shoulders pattern. This breakout failed and now bitcoin has fallen to the bottom of a upward channel. This channel has been confirmed as support because of the sudden increase in buy volume and the reversal of the fall from the neckline. I believe over the next day or two bitcoin will follow along the bottom of the upward channel in order to breakout of the inverse head and shoulders. Watch for the volume to slow down as we approach the neckline and increase dramatically if Bitcoin closes above the neckline. This would confirm a breakout of the inverse h&s and a huge run to the $14,400 range. Another thing to watch as we approach the neckline is for the MACD to have a bullish crossover.
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