* After a rally of almost 44% Bitcoin now forms a Head and Shoulder pattern, which is a trend reversal pattern occurs during bull run.
* It appears with three peaks in which the two outer peaks are smaller in compare to the middle one.
* Bitcoin has a support of 0.382 Fibonacci level near $37500 and the 50 Moving average is acting as resistance for the price.
* If the FIB level 0.382 is broken we can expect bearish move.
* It appears with three peaks in which the two outer peaks are smaller in compare to the middle one.
* Bitcoin has a support of 0.382 Fibonacci level near $37500 and the 50 Moving average is acting as resistance for the price.
* If the FIB level 0.382 is broken we can expect bearish move.
Note
The price didn't break the Fib level ( support )
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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.