BTC/USD

One Hour Chart
If we take a look to the Bitcoin on the one hour chart, after a break out of a downtrend channel, we can see the creation of a funnel, if he breaks by the bottom, he will break at the same time neck of the H&S on the one day chart. But we can also expect that he will exit the funnel by the top, if the RSI indicator goes out of the oversold situation. We will evaluate the market in the coming hours to monitor if the Bitcoin will exit the funnel by the top or the bottom.

The bitcoin continued to be in the bear market. If you keep an attention to the chart we did 2 weeks ago, you can see the formation of third pattern and you can see the Bitcoin follow the orange trend. With the bad news and the strong resistance the Bitcoin wasen't able to accumulate volume to past this resistance.



H&S
On the one day chart you can see the formation of a head and shoulders, this is a strong indicator. If the neck break, we can see a strong pull back of the bitcoin. You can see the RSI indicator do the same pattern.


Good trading!!