Bitcoin Has Formed a Reversal Pattern.
While it's true that Bitcoin has formed an inverted head and shoulders strong trend changing pattern, I am not really confident about it breaking to the upside.
Why? Because the upper neckline is formed by a downtrend line, rather than a horizontal line. Meaning there is a trend of lower highs.
So I am not buying yet back into crypto market with my spot portfolio.
A break above pivot high at $40841 will confirm this pattern breakout to the upside.
However a break below $35000 can have fatal consequences as Bitcoin needs to see buying pressure right from this dip to $35000 otherwise..
The daily MACD will give print another selling wave.
Daily RSI will find resistance at 40, meaning bearish presence will be dominating the market as it is now.
Good luck!
Why? Because the upper neckline is formed by a downtrend line, rather than a horizontal line. Meaning there is a trend of lower highs.
So I am not buying yet back into crypto market with my spot portfolio.
A break above pivot high at $40841 will confirm this pattern breakout to the upside.
However a break below $35000 can have fatal consequences as Bitcoin needs to see buying pressure right from this dip to $35000 otherwise..
The daily MACD will give print another selling wave.
Daily RSI will find resistance at 40, meaning bearish presence will be dominating the market as it is now.
Good luck!
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