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BTC Bears Broke Support but Lost Momentum, 3 Drivers Showing
My previous chart showed a head and shoulders that would break the previous support line at 1935CNY/310USD. That support was broken but the bear run appears to have lost momentum.
Now in the remains of the prior Head and Shoulders there appears to be the makings of a pretty strong 3 Drivers pattern. The time frames are close to symmetrical and the retracement ratios appear to be a perfect 1.27. Assuming the bears don't wake up and push us below the long term support line (Around 1900 CNY) we can expect to see a bump upwards.
Now in the remains of the prior Head and Shoulders there appears to be the makings of a pretty strong 3 Drivers pattern. The time frames are close to symmetrical and the retracement ratios appear to be a perfect 1.27. Assuming the bears don't wake up and push us below the long term support line (Around 1900 CNY) we can expect to see a bump upwards.
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