Quick TA on BTC/USD,
We see a clear double topping pattern at the 4150 level, before falling under its 50MA. The 50MA has served as a strong support and the price movement has been very respectful of this since the recent bullish action the past few days. Failing the 50MA signals caution.
Price is currently trending sideways looking to build support at the 3800 level. The next lower band of support should coincide with the 200MA around the 3600 level. However, if this level fails, it would be a bearish signal.
Note the expected Elliot Wave count plotted - target downward retracement back to approx 3650. It is noteworthy that this may in fact print a H&S pattern that could spell disaster. Nevertheless, this would be only the case if the pattern is completed and price breaks downwards of the neckline.
We see a clear double topping pattern at the 4150 level, before falling under its 50MA. The 50MA has served as a strong support and the price movement has been very respectful of this since the recent bullish action the past few days. Failing the 50MA signals caution.
Price is currently trending sideways looking to build support at the 3800 level. The next lower band of support should coincide with the 200MA around the 3600 level. However, if this level fails, it would be a bearish signal.
Note the expected Elliot Wave count plotted - target downward retracement back to approx 3650. It is noteworthy that this may in fact print a H&S pattern that could spell disaster. Nevertheless, this would be only the case if the pattern is completed and price breaks downwards of the neckline.