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
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I guess I see things differently, and still believe BTC is on a crash pattern. It will go lower and lower in the coming months, till the whole crash cycle is complete. Buy volumes are too low to sustain any breake above 11.7k. And when everybody was happy that the downtrend was broken the momentum was still very week to push BTC up.
Balas
