Bitcoin! Retesting 6.6K. Potential Falling Wedge Breakout!!
Hello Traders,
As you recall from my previous analysis, I mentioned the possibility of Bitcoin go below 6K, and it found support around 5.7k.
Looking at the 1 hour chart for Bitcoin, we see inverse head and shoulders pattern is starting to form.
Blue trendline is acting heavy resistance, and we see high selling volume in the hourly chart when Bitcoin reached this line.
Bears definitely recognize this inverse H&S pattern, and they will try to lower the price of Bitcoin one last time.
If Bitcoin can stay above the 6K in next day or so, bulls will try to break above the blue trendline and test pink resistance line again (6.6-6.7K)
Coincidentally, the target for inverse H&S breakout is around 6.7K.
Pink resistance line has been acting major resistance for almost half year now, and breakout from this line will be a significant milestone for Bitcoin.
Therefore, we can expect EXTREMELY HEAVY resistance around that region.
If I were to play bear in this scenario, I would probably probably book my profit at 6.7K and accumulate again in 6.5K.
Happy trading!
As you recall from my previous analysis, I mentioned the possibility of Bitcoin go below 6K, and it found support around 5.7k.
Looking at the 1 hour chart for Bitcoin, we see inverse head and shoulders pattern is starting to form.
Blue trendline is acting heavy resistance, and we see high selling volume in the hourly chart when Bitcoin reached this line.
Bears definitely recognize this inverse H&S pattern, and they will try to lower the price of Bitcoin one last time.
If Bitcoin can stay above the 6K in next day or so, bulls will try to break above the blue trendline and test pink resistance line again (6.6-6.7K)
Coincidentally, the target for inverse H&S breakout is around 6.7K.
Pink resistance line has been acting major resistance for almost half year now, and breakout from this line will be a significant milestone for Bitcoin.
Therefore, we can expect EXTREMELY HEAVY resistance around that region.
If I were to play bear in this scenario, I would probably probably book my profit at 6.7K and accumulate again in 6.5K.
Happy trading!
註釋
Potential breakout confirmation (high volume)!Let's see if Bitcoin can find support at $6266.
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