Bitcoin H&S Pattern - Growth Towards 17-18k?
After finding the low at $5900, the Bitcoin price went up breaking above the 200 Moving Average and then forming the head and shoulders pattern. Yesterday BTC/USD broke above the neckline trendline of the H&S pattern suggesting the continuation of the uptrend.
Bitcoin still is trading above the 200 MA, which could act as the support before price goes up to either 76.4% or 88.6% Fibonacci retracement, that is $16600 and $18300 resistance levels.
The support is clearly at $9200, where the left and right shoulders were formed. If Bitcoin will break below the Moving Average, it could decline towards the $9200 support once again before moving higher.
Bitcoin still is trading above the 200 MA, which could act as the support before price goes up to either 76.4% or 88.6% Fibonacci retracement, that is $16600 and $18300 resistance levels.
The support is clearly at $9200, where the left and right shoulders were formed. If Bitcoin will break below the Moving Average, it could decline towards the $9200 support once again before moving higher.
Komen:
Bitcoin is at the support, uptrend is expected