Bitcoin: We Need Some More Power to Grow Further!
Hello, my friends! My name is Ivan. I am a stock market trader and right now I am also trading cryptocurrencies. I want to share my Bitcoin (BTC/USD) overview with you. What's going on with the price? Where will it move? When to enter the market? Let's find out!
• The price is forming right shoulder of the large “Head and shoulders” pattern. This pattern usually indicates the market reverse. It’s a very strong signal of the beginning of Bull market.
• If you look closer you will see that the price is near a very strong resistance level. There was a lot of action at this level in the near past.
• The trading volume is low right now. It was decreasing since the 28th of February.
As for me, I don’t see strength in the price right now. I think the price has to take a short “rest”, accumulate some strength and then it will be ready to continue.
Just take a look at the left shoulder of head and shoulders pattern. As you see, the price had to stay between 10 000 and 12 000 for some time. There was also a decrease in trading volume. But after the price was able to gain some power, it could break 12 000 and reach 6 000.
So, in my opinion, there will be a local correction. I think the price will touch blue support line or even go below this line to 10 500. There will be a very good chance to add to your long positions guys!
• The price is forming right shoulder of the large “Head and shoulders” pattern. This pattern usually indicates the market reverse. It’s a very strong signal of the beginning of Bull market.
• If you look closer you will see that the price is near a very strong resistance level. There was a lot of action at this level in the near past.
• The trading volume is low right now. It was decreasing since the 28th of February.
As for me, I don’t see strength in the price right now. I think the price has to take a short “rest”, accumulate some strength and then it will be ready to continue.
Just take a look at the left shoulder of head and shoulders pattern. As you see, the price had to stay between 10 000 and 12 000 for some time. There was also a decrease in trading volume. But after the price was able to gain some power, it could break 12 000 and reach 6 000.
So, in my opinion, there will be a local correction. I think the price will touch blue support line or even go below this line to 10 500. There will be a very good chance to add to your long positions guys!
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