BitcoinShort
BTC 4h Head and Shoulders
Updated
Looks like it is following the pattern nicely. 14k looks like resistance on shorter timeframe, but 13k should be a big pivot point on the 4h chart.
A break there and we likely see the move towards sub-10k like a lot of TA seems to be suggesting. Let's see!
A break there and we likely see the move towards sub-10k like a lot of TA seems to be suggesting. Let's see!
Note
As of midday Thursday, this pattern is holding true. The short term resistance of 14k has been under fire all day and broke several times. I think it maybe has a few more tests but has no legs left. Next will go to 13k and we can see a real fight. I'm looking to go long on BTC and/or some alt coins, but will wait for this pattern to complete. Target buy zone will be sub-10k.
Note
after a positive day to bait more buyers yesterday, the bear has come out of his cave again. the neckline (13k) only supported once before breaking through. I think 13k should put up a better fight, so maybe we'll seesaw around for a bit. But investor confidence is low now and the move to the downside seems very probable now.Gearing up for the dip under 10k and then will decide where to enter, and either BTC or one of the major altcoins. Cheers and happy new year!
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