the daily chartist

Bitcoin in corrective mode

published 1 year ago

 Bitcoin has successfully breached the big triangle formation after playing out a Head and Shoulders formation inside the triangle itself. The target of the HS has been reached and the now price is moving down as a corrective move to test the top line of the triangle so that market participants can find evidence and determination that everyone sees the same thing and are in harmony to pump the price higher. With the initial breach, the price has found a supply zone at 8543 which pressured the price. That and profit-taking from the HS asked the price lower. Now as it is under $8000 (again) it will put some psychological pressure on the market players as well and it will be crucial if the bulls can push again the price above the level and continue trading out the triangle in an upward direction. If price finds support this month a Bitcoin ETF is approved by the SEC, we are going TO GO TO THE MOON! I mean 10K level in less than 30 minutes. If not, well... It was too good to be true.