Looking for Bitcoin to drop at the overhead resistance in red. Will find support on the top of the downward trend line in green however the most support will be the bottom line in purple. For now I see a failed breakout of the overhead resistance in red and a fall to the downward trend line in green.
Long term BTC is looking up as there is a large active inverse head and shoulders pattern. However right now is not the time as this most resent pump was manipulated on the 4/12. Look for a long steady upward trend to the neckline of the inverse h&s to confirm a new run across the year. The purple support line at the bottom is a better spot for BTC to head to the neck line as the MACD will be resting on the blue support line.
For now I will be shorting BTC and reentering if the neckline is reached or support is confirmed again at the bottom line in purple. Watch for alts to continue to follow BTC. Check out my chart on XRP to find out the best opportunity to reenter XRP as well. The chart is linked as a related idea.
Long term BTC is looking up as there is a large active inverse head and shoulders pattern. However right now is not the time as this most resent pump was manipulated on the 4/12. Look for a long steady upward trend to the neckline of the inverse h&s to confirm a new run across the year. The purple support line at the bottom is a better spot for BTC to head to the neck line as the MACD will be resting on the blue support line.
For now I will be shorting BTC and reentering if the neckline is reached or support is confirmed again at the bottom line in purple. Watch for alts to continue to follow BTC. Check out my chart on XRP to find out the best opportunity to reenter XRP as well. The chart is linked as a related idea.
