Bitcoin 1 hour chart showing a double top highlighting keep resistance

in bitcoin •  7 years ago 

Bitcoinchart.JPG

The other day I erroneously identified a head and shoulders pattern on the BTC chart, I was wrong, but this is a little harder to miss. The 1 hour chart has now formed a very nice head and shoulders pattern, and any move higher will have to break through this key resistance. This is very possible of course, but I would be leery of it happening right away given then the chart rejected a sustained move higher earlier today and the chart has now lost about 150$ since it tested the resistance. The next strong move up into profit will have to overcome this resistance, so be careful of buying before then.

On a separate note, no ETH chart right now, but it looks to be consolidating its gains and getting ready for another move higher. Go Ethereum!

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