RE: Bitcoin: Is It A Head And Shoulders Pattern???

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Bitcoin: Is It A Head And Shoulders Pattern???

in bitcoin •  7 years ago 

Hopefully seeing 17k again soon!

I'm not convinced this is a bullish pattern just yet, as the volume has been diverging (albeit in the short term) from the price action, leading me to believe that its not a genuine upswing.

What sort of probability do you think exists that BTC will retest 7.5-8k? I think 50% likely...

bitcoin
7 years ago by

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      ·  7 years ago 

    030218bitcoin2.PNG

    As you can see, Bitcoin moved above the declining trendline(A). As noted by 1 and 2, Bitcoin formed a higher low. If Bitcoin takes out #3 high, it will confirm the uptrend. At this point, all I can say is Bitcoin is trying to get back to the uptrend. In other words, Bitcoin is not completely out of the woods yet. I don't know BTC will retest 8K, but if it fails to take out #3 high, we may see BTC to go back near #2 low(9300).

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