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BTCUSD Possible Head and Shoulders formation
Bitcoin's January rally appears to have topped. This doesn't mean that a new Bull Cycle isn't starting but on the medium-term we can see a Head and shoulders pattern forming. The correction's target is the 1day MA50 first and the 1day MA200 second.
The Head and Shoulder's technical extension is initially the 1.5 Fibonacci, which happens to be right over the 1day MA200. This is where the first wave of long-term buyers will appear. If daily closes under the 1day MA200 however, we could see one final extension to 2.0 Fibonacci.
You can see that both of these targets are on the bottoms of the October-September Volatility Zones. Strong technical Support levels indeed. But the strongest buy will be when the 1day RSI hits 30.00 and becomes oversold.
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The Head and Shoulder's technical extension is initially the 1.5 Fibonacci, which happens to be right over the 1day MA200. This is where the first wave of long-term buyers will appear. If daily closes under the 1day MA200 however, we could see one final extension to 2.0 Fibonacci.
You can see that both of these targets are on the bottoms of the October-September Volatility Zones. Strong technical Support levels indeed. But the strongest buy will be when the 1day RSI hits 30.00 and becomes oversold.
Follow us, like the idea and leave a comment below!!
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