Daily Bitcoin/BTC Price Action Review (27 Feb 18)

in #bitcoin • 8 years ago

This is not Financial advice: Do not trade or invest based on this analysis.

Following on from yesterday's review (here), the BTC price continues to consolidate around the right shoulder level (approx $9,000) of a prospective inverted head and shoulder pattern and is now looking like it'll attempt a test of the downward resistive trendline (Red).

BTCPriceScenarios_270218.PNG

A small falling wedge pattern emerged yesterday:

BTCPriceScenarios_260218a.PNG

Which has now resolved to the upside:

BTCPriceScenarios_270218a.PNG

The pop was accompanied by a small uptick in trading volume, but nothing dramatic, therefore the real test of BTC's upside potential is still to come as the price approaches the downward overhead trendline...expect resistance, possibly a pull back to the shoulder line (S/L) before seriously challenging the overhead resistance.

I'll keep you posted.

Until tomorrow.

Bobby

#technical #analysis #price #btc
8 years ago in #bitcoin by
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