So I'm not a Bitcoin trader, nor am I even a Bitcoin follower, but I am a technical analyst & on the weekends I like to work on that skill by bringing up various charts and breaking them down. I haven't looked at Bitcoin in a while, but what I noticed is that recently it's been in a triangle consolidation pattern on the daily and on the 4 hour it was beginning to consolidate towards the lows.
The triangle on its own doesn't give me any indication on whether to predict a bearish break or a continuation back to the opposing trend line, but the head & shoulders bottom is a classic reversal pattern causing me to predict at least a shorter term bullish move from that level.
My predictions are based on structure and not the classical way of predicting a H&S break but I do think it's possible that we see a slight move higher providing opportunity or intraday and shorter-term traders to take advantage of.
Akil
Really wish the Cavs could have pulled off that first game. Let's see if they (and by they I mean LeBron) has anything left in the tank for game 2.
The triangle on its own doesn't give me any indication on whether to predict a bearish break or a continuation back to the opposing trend line, but the head & shoulders bottom is a classic reversal pattern causing me to predict at least a shorter term bullish move from that level.
My predictions are based on structure and not the classical way of predicting a H&S break but I do think it's possible that we see a slight move higher providing opportunity or intraday and shorter-term traders to take advantage of.
Akil
Really wish the Cavs could have pulled off that first game. Let's see if they (and by they I mean LeBron) has anything left in the tank for game 2.
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