Bitcoin Technical Analysis 28/12/2017
Bitcoin price is completing a head and shoulders pattern, which is a conventional reversal sign, on its 4-hour time frame
Bitcoin price failed to maintain its jump at past zone of $16,000.
Price now appears to be completing its right shoulder of the head and shoulders reversal formation.
The neckline is positioned around $13,000 and a drawback wreck should cause a downtrend of the identical height as the chart pattern.
The 20 SMA continues to be above the 50 SMA, so the path of least resistance is to the upside. This shows that the rally is more likely to renew than to reversal.
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Bitcoin price failed to maintain its jump at past zone of $16,000.
Price now appears to be completing its right shoulder of the head and shoulders reversal formation.
The neckline is positioned around $13,000 and a drawback wreck should cause a downtrend of the identical height as the chart pattern.
The 20 SMA continues to be above the 50 SMA, so the path of least resistance is to the upside. This shows that the rally is more likely to renew than to reversal.
To get hands on Analysis on your Mobile Device, Join Us at Telegram T.me/CryptoAdvisers
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