Head and Shoulders to $6000 Retest?
Throughout all of this chop, it appears that Bitcoin has formed a possible head and shoulders pattern.
As I am writing this post, BTC is currently re-testing the established neckline.
IF in fact we do continue breaking down, I have a primary support located around $6000 or in the green range shown above.
There is also potential trendline support around $6200
However there is a recently established higher low, so if BTC fails to break down and instead goes north to retest the downward TL, I will be hesitant to go full bull until we break past the strong resistance at $6800.
So even though I believe there is a higher chance we will fall, I am reaming fairly neutral at the moment due to the amount of chop in the market.
I plan to keep this idea updated in the comments below.
I hope you all found this idea interesting and maybe even a little helpful!
I wish you all the best of luck!
Please feel free to share you ideas regarding the subject below!
As I am writing this post, BTC is currently re-testing the established neckline.
IF in fact we do continue breaking down, I have a primary support located around $6000 or in the green range shown above.
There is also potential trendline support around $6200
However there is a recently established higher low, so if BTC fails to break down and instead goes north to retest the downward TL, I will be hesitant to go full bull until we break past the strong resistance at $6800.
So even though I believe there is a higher chance we will fall, I am reaming fairly neutral at the moment due to the amount of chop in the market.
I plan to keep this idea updated in the comments below.
I hope you all found this idea interesting and maybe even a little helpful!
I wish you all the best of luck!
Please feel free to share you ideas regarding the subject below!
Creator of DepthHouse Indicators on TradingView!
↣ depthhouse.com/
↣ depthhouse.com/
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