BTC testing the neckline of the massive head and shoulders here.. with a 4 hour close below the support trendline on heavy volume would effectively complete the h&s pattern likely leading us well below the 10k level. A measured move would put us around the 8k area before major support is shown. Could set up a nice bounce to trade at that level, can't say if it will hold or not in the long run, will have to revisit this topic when/if we get there.
However on the other hand, if BTC is able to hold the neckline and rally back into the middle fib retracement zones, then this current price action will be seen as possibly healthy consolidation with a breakout above the 17.5k area Poloniex.
None of this is financial advice.
However on the other hand, if BTC is able to hold the neckline and rally back into the middle fib retracement zones, then this current price action will be seen as possibly healthy consolidation with a breakout above the 17.5k area Poloniex.
None of this is financial advice.
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