There appears to be a potential H + S pattern forming on the daily chart of Bitcoin, whilst it is too early to action any trades based upon this analysis, it is worth noting.
A sustained move above $12,000 USD would support this pattern resolving to the upside, the measures move of this H + S pattern would suggest a potential upside target of $15,000 USD.
My most recent analysis looked at a potential fall to $10,900 USD and a subsequent fall to as low as $9,000 USD, after falling through the outlined support Bitcoin settled at around $9,400 USD, but has recovered quite nicely, albeit on pitiful relative volume, this would suggest that more downside could be on the cards.
I will continue to watch this pattern unfold (either positively or negatively) and keep you posted as to my thoughts on the direction.
Until then i suggest you look at my macro analysis of Bitcoin for a greater long-term view.
A sustained move above $12,000 USD would support this pattern resolving to the upside, the measures move of this H + S pattern would suggest a potential upside target of $15,000 USD.
My most recent analysis looked at a potential fall to $10,900 USD and a subsequent fall to as low as $9,000 USD, after falling through the outlined support Bitcoin settled at around $9,400 USD, but has recovered quite nicely, albeit on pitiful relative volume, this would suggest that more downside could be on the cards.
I will continue to watch this pattern unfold (either positively or negatively) and keep you posted as to my thoughts on the direction.
Until then i suggest you look at my macro analysis of Bitcoin for a greater long-term view.
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At press time the H + S pattern observed has been nullified, as noted the low relative volume turned out to be a good heads up of this most recent invalidation. Will keep you posted should things change.
