BTCUSD retracement looks likely

18 thg 7, 2018

A retracement is looking very likely, the head and shoulders was successful as the price rallied over the past couple of days. The price looks like it has started to lose momentum, it is looking more and more likely that bitcoin may retrace at this point as the RSI is very overextended. I believe the price from here would move down to the previously broken neckline of the head and shoulders. If this neckline now acts as a support level it is very likely we could see the price of bitcoin rally all the way to the resistance level of the triangle. I will keep everyone updated and I would update this post with any ideas and patterns I spot over the coming days.