$6000 the ultimate support?
Updated
Hello traders,
After head and shoulders breakout on Nov 21st, Bitcoin is currently testing neckline, which is around $7500.
I am currently sitting with USDT patiently waiting for clear direction. If Bitcoin confirms $7500 as resistance, we will see further bleed and attempt to find support at $6000. In case of bullish breakout, we can expect relief rally up to $8000.
Happy trading!!
After head and shoulders breakout on Nov 21st, Bitcoin is currently testing neckline, which is around $7500.
I am currently sitting with USDT patiently waiting for clear direction. If Bitcoin confirms $7500 as resistance, we will see further bleed and attempt to find support at $6000. In case of bullish breakout, we can expect relief rally up to $8000.
Happy trading!!
Note
Head and shoulders pattern is still in play. The neckline can be drawn in several ways. In this chart, Bitcoin stopped exactly at blue trendline. As I mentioned yesterday, breaking $7500 is a major leap, but bulls still need lots to prove for a trend reversal. I am moving up my stop to $7500.
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