Bitcoin at the cross roads
Updated
I created a previous idea stating that Bitcoin would have to break through the 9.5k resistance to confirm the inverse H&S pattern that everyone is pointing out. It broke though really cleanly, and has since just retested and bounced quite nicely. The next test will be the major descending resistance. As you can see on the chart I have drawn what is a potential ascending triangle. This however should be taken with a grain of salt as neither line has been confirmed yet, it's just something to look out for.
However, if this is correct, I could easily see us hitting the resistance line, and falling back down to the 9.5k support we are currently on. From there however, if we do get a nice bounce, the we will be looking to break resistance and start heading to about 12k. The other option could be to break through the resistance complete, where we would look to hit 12k and 14k. This would also line up with one of my previous ideas.
However, we may continue to fall back down for one last shakeout. The price has just hit what was a support line from 3k and rejected it. If this does happen and we continue to fall, I wouldn't expect the price to fall further than the previous low
However, if this is correct, I could easily see us hitting the resistance line, and falling back down to the 9.5k support we are currently on. From there however, if we do get a nice bounce, the we will be looking to break resistance and start heading to about 12k. The other option could be to break through the resistance complete, where we would look to hit 12k and 14k. This would also line up with one of my previous ideas.
However, we may continue to fall back down for one last shakeout. The price has just hit what was a support line from 3k and rejected it. If this does happen and we continue to fall, I wouldn't expect the price to fall further than the previous low
Note
Broken through the previous ascending support so it's looking like its heading to descending resistanceNote
Almost spot on so far. Looking like we will see the next leg and hopefully a break in resistance soon. Currently showing a descending wedge pattern, with the MACD crossing up
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