Bitcoin BTCUSD - Where's it going short-term? A few (weak) ideas
Total speculation here but just showing you what I'm looking out for.
I see a possible Head & Shoulders (yellow). There's a similar pattern on Bitstamp too. Neither are totally convincing, but worth pointing out.
If it does end up hitting that target, it might be a good setup for another larger Head & Shoulders (orange) if it decides it's not ready to go further up yet. If that plays out it would also start to look like a Rounding Top on higher timeframes.
Or it could simply keep consolidating and turn into a Triangle/Wedge shape (purple) and then we'd just look for a breakout.
...or it could just do something totally unexpected...it's bitcoin.
How's that for being totally noncommittal? I'm bound to be right somehow! :)
I see a possible Head & Shoulders (yellow). There's a similar pattern on Bitstamp too. Neither are totally convincing, but worth pointing out.
If it does end up hitting that target, it might be a good setup for another larger Head & Shoulders (orange) if it decides it's not ready to go further up yet. If that plays out it would also start to look like a Rounding Top on higher timeframes.
Or it could simply keep consolidating and turn into a Triangle/Wedge shape (purple) and then we'd just look for a breakout.
...or it could just do something totally unexpected...it's bitcoin.
How's that for being totally noncommittal? I'm bound to be right somehow! :)
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