Crypto to Watch - Bitcoin (BTC) - Right Shoulder
Well it looks like Bitcoin is still in the formation of the right shoulder of the Head and Shoulders pattern. You can see the pattern clearer on the MACD as the price action of the last few days gave a glimmer of hope that a break out could have happened but the August 18th action crushed that hope.
Bitcoin should test the 50 day moving average at a little over $6900.
I have pulled back on a lot of my trades and an in a holding pattern.
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Do you believe we are still in a bearish trend after BTC tests the USD 6900 level or it could be the beginning of a recovery? thanks
I think the right shoulder will form if Bitcoin does not break $6900 it should re-test $6100.