Bitcoin is flirting with the 6,750 area resistance and I particularly think this level is very important right now as a failure sets us up for a head and shoulders pattern.
Break Resistance or Head and Shoulders
In my opinion, that is kind of where we are at. Bitcoin needs to establish above 6,800 in order to make way for higher prices. If it fails to do so and we pull back toward 6,250 then we have essentially formed a head and shoulders pattern on the daily chart.
This is a bearish pattern, we would rather not see it.
I explain it more and draw it out in the video below...
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Disclaimer: All info in this post is my opinion and for informational purposes only