Bitcoin Analysis [UPDATE 17-04-2018]
Updated
Following yesterday's update, after a strong move higher BTCUSD could lose momentum and begin to retrace. A move below the breakout lower trendline that also coincides with the $8,000 level could trigger a sell-off.
As the head & shoulders pattern has not been violated, it could still complete that would test an initial target zone of approx. $7,500. With that said, there is still a downside risk that could even overshoot and capitulate towards the $7,000 level.
Short term bias is to the downside for now, however a break above $8,200 would trigger an upside break out pattern that would test the $8,500 level.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
As the head & shoulders pattern has not been violated, it could still complete that would test an initial target zone of approx. $7,500. With that said, there is still a downside risk that could even overshoot and capitulate towards the $7,000 level.
Short term bias is to the downside for now, however a break above $8,200 would trigger an upside break out pattern that would test the $8,500 level.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Note
Head and shoulders neckline has been broken. Further down side risk
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.