BitcoinEducation
Support at $9950, but H&S Points Down
Support levels at $9950 stopped Bitcoin’s swift descent into shorts targeting the $8800 area. As this is currently a mid-term bear market, waiting for all the signals that a reversal is due is key to financial success.
RSI is at 30, a good buy.
However, a bearish MACD and bearish candle stick patterns may indicate further downward movement before we gain an opportunity to profit on a solid uptrend.
Overhead resistance is at the $10750 area, so if one wants to go long now or later down the road around $9100, a potential profit target is there.
We also have a head and shoulders pattern that formed fully yesterday, signaling further downward movement.
As for myself, I am saving my pennies until the signals become clear.
Best of luck to everyone! May God be with you!
RSI is at 30, a good buy.
However, a bearish MACD and bearish candle stick patterns may indicate further downward movement before we gain an opportunity to profit on a solid uptrend.
Overhead resistance is at the $10750 area, so if one wants to go long now or later down the road around $9100, a potential profit target is there.
We also have a head and shoulders pattern that formed fully yesterday, signaling further downward movement.
As for myself, I am saving my pennies until the signals become clear.
Best of luck to everyone! May God be with you!
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