Bitcoin - valided the H&S pattern. What's next?

2018年7月19日

Hi guys,

Another update on another coin. This time it's the king... BIETCOIN! You are currently looking at the daily chart of BTCUSDT on Binance. The chart tells us a couple of things:

- Firstly, we have had a terrible period (may-mid july). We've seen a drop of approximately 40-45% in USDT value. The bears were euphoric and hoped to break the 5.7-5.8k range, which they didn't succeed in.
- Everyone noticed the inverted H&S pattern, as can be seen on the chart. On the 16th of July we pumped and tested the 50MA and on the 17th of July we broke the neckline of the Inverted H&S with convidence.
- Yesterday we got rejected by the 200MA, which is healthy.
- RSI mooned. Therefore, I expect a pullback first before we will rise again.
- 7.8k - 8k area is a strong resistance (.5 fib level). In June we failed to break this area and we have to keep a close eye on this area. If we get rejected again, we may expect a big dump.
- Fundamentals are very good lately.

Let's see where we are heading. Just keep a close look on the 7.8k-8k area. The bears might show some strength in that zone.

CHEERS!

2018年7月19日

註釋

Looking at the 4hour chart we can expect a drawback to the 7200-7000 level (.236 and .382 fib level). MACD is nearly crossing and RSI is still overbought. A correction would be healthy in order to grow to 7800.