Bitcoin Price Anlaysis - Bull or Bear?!
Hello Steemit Members,
Currently we are seeing a steady price around $8500. the price is getting closer to the green neckline of the head and shoulder pattern. We broke above the neckline yesterday, however it quickly got rejected. What we are looking for is bitcoin to close above the green neckline. We want to see a lot of volume come in. Without the volume, bitcoin will fall back below like it did yesterday. A good buy in would be a successful retest of the neckline or a buy order above $9000. If bitcoin successfully breaks above the neckline, we could see bitcoin go to $10k, $11.2k, and possibly $12.5k.
We have some major support at the blue 100 hour MA, & the red downtrend line. If price breaks below these, we will see a retest of the 7500-7800. A break below this price level could bring bitcoin back to retest the 6k support. If successful, it would be a good buy in price. if not, the next support I'll be looking at is the $4500 to $5000 level.
Over all, I am pretty bullish on bitcoin short term. Even if price were retest the 6k level, I am fairly confident it'll succeed and it'll be a great discount to buy.
All follows, comments, & upvotes are appreciated!
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