BTC/USD (Bitcoin) Technical Analysis
Did you miss the breakout of the inverted head
and shoulders neckline on bitcoin?
You'd better keep a watch on these support
levels because the price can still be in for a brief retest before continuing the reverse.
Bulls in bitcoin have recently been retreating,
but it appears that near these Fibonacci retracement levels, additional buying
energy may emerge.
The broken neckline of the reversal chart
pattern lines up with the 50% to 61.8% Fibs, therefore this could function as a
strong support zone.
To top it off, the 200 SMA dynamic inflection
point and a short-term ascending trend line both cross at the $24,100 level
when the 61.8% retracement occurs.
The 100 SMA is above this slower-moving SMA,
indicating that the upward path is the one with the least amount of opposition
and that there is a good possibility the ascent will continue.
There may not be a need to go quickly into a
long position just now because stochastic is still moving south for the time
being. After all, once the oscillator begins moving higher from the oversold
position, positive sentiments may resume.
After there, BTC/USD might turn its attention
back to the swing high around $31,200 and higher!
How far do you anticipate bitcoin to advance
from here?
 Inverted Head and Shoulders ){kind=link}
0 Comments