Bitcoin Bull Breaking Out with a Reverse Head and Shoulder Pattern?
source: https://www.worldcoinindex.com/coin/bitcoin
For months now, bitcoin has proved to be a disappointment. Too many bull traps and false breakouts. However, the reverse head and shoulders in formation now could be the real turn around signal for the bull to take over.
As of the time of writing, bitcoin already broke the $6,300 resistance and now attempting to break through the $6,800 neckline. This is the not only neckline that it needs to cross though. Two more necklines are waiting at $7,800 and $10,000 to establish the bullish trend.
If bitcoin manage to break these necklines before the end of August, this is a very good signal for a very steep ATH. I'm talking about the prediction made by Julian Hosp, co-founder and president of TenX, who believes that a $60,000 Bitcoin remains possible for this year.
Disclosure: This post does not intend to provide investment nor does it represents that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the article in the process of making a fully informed investment decision.
I don't do any TA (other than using QFL method), but with the upcoming regulations as the establishment readies to flood in (Goldman Sachs bying the exchange, RobinHood trading app etc) we can definitely expect ATH once the money floods in. I have been trying to convince those I love to invest as I believe there will be a bubble like we saw with dot com, housing etc. Anyone buying in at these prices will be thankful for sure.
It's very interesting to know that Goldman Sach is buying Robinhood. I missed the announcement. But yes, lateral integration between banks and crypto companies is happening. I saw the news the other day where one major crypto exchange in Europe bought 10% stake in a major German bank. 2018 and 2019 is indeed a great opportunity to get more money from crypto.
My apologies for not being clear enough. Goldman Sachs through a subsidiary now owns Poloniex. Robinhood integrated cryptocurrency in with their stock trading app months ago, even giving free stock out to new crypto members to entice investors in the crytpo world into joining them.
Speaking of banks, despite their closing accounts that have any sign of crypto investment by the holder, Bank of America holds the most blockchain patents in the U.S.
They all know it is coming, and are positioning themselves through upcoming regulations (that they pay for I am sure) to be winners.