Bitcoin (BTC) leads to the appearance of an upper head and shoulder pattern. What next?
This is a daily analysis by Coindsk analyst and omkar Godbook.
The American PPI company paid the most soft of Bitcoin Last 113,600 dollars, confirming the opposite style and the upper shoulders High Earlier this week.
The penetration indicates the end of the last withdrawal from its highest levels in records of more than $ 124,000 and the resumption of the wider gathering. Using the measured move technology, which adds the distance between the low model and the breakdown point to the penetration level, Bitcoin indicates approximately $ 120,000.
Simple mobile averages 50, 100 and 200 hours (Smas) Support the strength of the gathering of the bullish momentum. In addition, the crossing of the Macd Daily Chart from scratch confirms a positive transformation in the market morale.
In the upward direction, bulls may face resistance near SMA, which I saw 50 days at 114,700 dollars, while on the downside, the highest level in recent times at about $ 110,000 is a major level of bears challenge.
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