Bitcoin has been moving within a short-term upside channel since it reached the local bottom at $7,058 on May 29th. The coin has gained 8% but failed to get back above $8,000 yet. This strong support could be caused by the Fibonacci Retracement of 78,60%. 🙊
This level is also where some bears have been spotted a top of a Shoulder Head Shoulder pattern like drawn in the chart. With setting the second shoulder, we should expect a drop back to $7250, before finishing this pattern. 🕵️
I never use SHS patterns myself, since these could be thrown really at any chart. They do not have such structural signs that the pattern is indeed being seen by more investors. The same is happening with this one. In my opinion, the first shoulder isn't complete, since it's just being set by a pump and dump overnight. Of course, it's the follower's choice whether he believes this pattern is true, or not. 🤷
While BTC/USD is down 45% since the beginning of the year, some experts believe that it will experience a strong rise and clear $10,000 in the coming months. 🤑
"As the regulatory landscape clears up we can expect far more investors, including big-ticket institutions, to make their first cryptocurrency investments," Iqbal Gandham, the UK managing director of a not-to-be-named investment platform in the interview with The Independent.
This is more of a fundamental news, but it's also something I can confirm on the chart. Within half a month, the giant pennant we are in will break out in either a bullish or a bearish wave. With fundamental news supporting a bullish wave, we are able to break through quick, resulting in a bull train to $10.000, where we will find a new resistance, or back to $6500 if it's breaking out bearish. 😲
I have set a lower target on the trade, as the bull movement is less than expected at this moment. Setting the target at $8600 now makes it more reliable to reach. With the current price at $7600, we are only down $50 since the closing of the markets past night. 😕
- Sebas
'Thanks to a friend who made the post for me'