Yarr's Corner: The Bitcoin Chart Whales Don't Want You to See

icebergizzle (29)in #crypto-bitcoin • 7 years ago

The 2 day chart is showing an inverse head and shoulders pattern. Final shoulder isn't finished yet but a bullish hammer is indicating for reversal.

To see further upward movement the price needs to break above of MA100 level (orange line) and by breaking neckline would give enough of confirmation of trend reversal. 1. Also validity of breakout should be confirmed with large spike in volume. Otherwise breakout will lack of reliance. Volume is an essential part to confirm breakout. Without an expansion of volume, the breakout will lack confidence and be more vulnerable to fail.

The price bounced from the strong support area formed by 8.377 level and fib 0.618. Note that the price tends to reverse very often from 0.618 level.

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