The BTC- Breaking trends

BTC has violated it's uptrend line and downtrend line. We need to see if the current price action is going to make a head-and-shoulders pattern. I'll not trade until I see a clear price direction. Enter long when price breaks $11750 (a very strong resistance level as shown yesterday).
This analysis is for education purpose only. Invest by doing your own research.

評論:

It did make a small head-and-shoulders pattern. The $10850 acted as a strong resistance and BTC dropped like an anchor to 100-EMA support line ($10200). Let's see if it can hold this support. However, the momentum and market sentiment is not good and further declines are possible. The next support line is at aroung $9500. BTC should hold this resistance line in order to complete an inverse head-and-shoulders pattern. If it happens, this could be a blessing for the bulls. On the other hand if BTC drops further to it's next support line (around $8800), this could invalidate the inverse head-and-shoulders pattern and further analysis will be required to assess the situation.
The problem with the crypos TA is that the situation changes very fast. We need to have our fingers on triggers all the time to take swift action to protect or save our profits.
Let's sit back and watch BTC.
Cheers
I do not claim to be a master of the cryptos or technical analysis, I am a student and will always be one.