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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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.