Yesterday I made a post on the potential near-term moves of Bitcoin. In the end, the support didn't hold, and we saw a strong bearish move. As predicted, the 35k support seems to hold for now.
Take a look at yesterday's analysis:
Since we're likely seeing more bearish price action in the near term, there's two potential ways this trend can go.
1) We see a short bullish move today towards the orange trend line. This resistance line will hold and BTC will continue down.
2) BTC will pierce through the support, make a push towards 38.5k, and reversing from there. This option would produce a perfect classical head & shoulders pattern. Upon the completion of this pattern we could even see a bearish move back towards 30k or so.
Happy trading!
Take a look at yesterday's analysis:
Since we're likely seeing more bearish price action in the near term, there's two potential ways this trend can go.
1) We see a short bullish move today towards the orange trend line. This resistance line will hold and BTC will continue down.
2) BTC will pierce through the support, make a push towards 38.5k, and reversing from there. This option would produce a perfect classical head & shoulders pattern. Upon the completion of this pattern we could even see a bearish move back towards 30k or so.
Happy trading!
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