Bitcoin (BTC) Price Update: Another Head and Shoulder Pattern?
Hi guys!
Here are my thoughts on bitcoin for today.
BTC - 12 Hour Chart
Tools used: Fib-Channel, Trendlines and Ichimoku Cloud
If you remember a couple of days ago I mentioned a possible head and shoulder pattern forming on the 4 hour chart. Now the same pattern starting to form on the 12 hour time frame.
BTC - 4 Hour Chart
Tools used: Fib-Channel and Ichimoku Cloud
If this scenario plays out, we might see another bitcoin retracement I posted yesterday. It's going to be either healthy correction or massive sell off depending on the confirmation and signals of bitcoin.
Happy trading guys! Hope you make lots of money today!
Disclaimer
You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!
Nice analysis, and yes I do think that we really have to get over the upper trend line at around 12k to be in an overall bull market for crypto. We might hit support at 9k since that's where the 78% fib level is, but I think pullbacks like that are healthy for todays market. Followed you since I do crypto TA updates as well!
I wonder if this scenario will play out but it seems probable. I guess we'll find out in the next couple of hours.