IN long term chart we can see a head and shoulder pattern. It's neckline is critical for BTC. Break down below neckline is negative sign. Support in neckline is vital.
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Neckline area: 7625-7680
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BTC back above to touch neck line.
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BTC move as expected. Break above the 7625 and then 7680 neckline area is a positive sign.
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BTC touch the neckline. Big profit for who buy in bottom.
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Now the most important thing is reaction to the neckline. close above it in a sign of reversal.
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A correction is happening. Back from 7580 and touch 8250 is still possible.
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Neckline Touched as expected.
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Now the most important thing is break out the neckline and close above it or rejection. sit back and watch the reaction to the neckline.
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Personally I think BTC will go above the neckline around 8350-8420 and then fall down.
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8420 tuoched as expected.
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fall down from 8420! as expected.
next retrace from 7880 is possible.
Area 7600 -7800 could be supportive for final retrace to touch neckline again.
Now look for reaction to 7880.
next retrace from 7880 is possible.
Area 7600 -7800 could be supportive for final retrace to touch neckline again.
Now look for reaction to 7880.
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First try for retrace from 7900 (7880 good support point) is in process as expected.
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BTC may go to 7600.
