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.
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First try for retrace from 7900 (7880 good support point) is in process as expected.
First try for retrace from 7900 (7880 good support point) is in process as expected.
sleguizamon
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@ShivaNICKARIA Thanks for Sharing! When do you expect to see a break out or a rejection from this neckline?
ShivaNICKARIA
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@sleguizamon,
I think there is a possibility of fake break out above neckline around 8400, but it may fall down after that (tomorrow maybe we see 8400).
Because we didn't see a fast rejection in neckline area.
sleguizamon
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@ShivaNICKARIA, Thanks for the response! Noticed also there was not a fast rejection at the neckline.
ShivaNICKARIA
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@sleguizamon, Please note that I don't buy in this area for 200usd profit due to high risk area and possibilty of fall down from here.