Hi fellow Steemians, fellow investors, traders and crypto enthusiasts. Bitcoin is just pushing up. What a move over the last week.
So lets dive in and see what has happened over the last week and where we are now.
Bitcoin/US Dollar (BTC/USD) - Daily Chart
Looking at the previous analysis of the head and shoulders pattern to where the price is today and how the price has moved over the past week, it is pretty clear that the price is heading up.
We have seen a stall over the last couple of days where the price has been trading well within the bounds of the highest high, at the head, which can now be considered as a resistance point, and the neckline, now turned upward trend line.
When stepping back and re evaluating this pair it seems like we could be looking at an ascending triangle.
All patterns play an integral part in the price movement of the currency. Depending on your perspective you could say that the head and shoulders played out it's part and now prices have corrected enough and Bitcoin/USD is now going to be looking for higher highs. You could also say that the head and shoulders pattern never existed and this was an ascending triangle. It is quite normal to see a break of the rising trend line in such patterns only to see the price break back over the trend line and break the resistance for higher highs.
A break and confirmation of the resistance level around the $3000 mark would signal that price will move higher while another break of the rising trend line could indicate that Bitcoin has not finished it's correction.
Want to see the initial Bitcoin Head and Shoulders Pattern? Find it here.
So fellow Steemians, investors, traders and crypto enthusiasts what is your take on where the price of the price of Bitcoin is going? Do you agree or disagree with this analysis or do you have your take on what the chart is showing ?
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Resources
Coinigy - Online chart tools for Cryptocurrencies - Affiliate link
Coin Market Cap - Excellent resource with a loads of crypto data
***Disclaimer***
Please keep in mind: The risk of loss in trading can be substantial. I am not offering financial advice nor am I telling you how or what you should be trading. I will simply be applying charting techniques I have learnt over the years. If, of your own free will, you decide to trade never trade with money you cannot afford to lose and if you do trade, try to spread out your trades on multiple assets. A diverse portfolio is much better than only holding a single asset.
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