Since the beginning of January, the upward trend has been around the upward trend line, and each upward phase is extremely in line with the characteristics of the technical side. Will it follow suit? At present, the top of the short cycle is expected to run in two shock modes, the head and shoulders top or the box shape! The former is only a shorthand, and the pattern is confirmed below the $ 9,250 support; the latter relies on 9250 support and $ 9550 resistance to build a shock box for the region Over time we also need to pay attention to the evolution of morphology After bitcoin price reached an important resistance area of $ 9,500, it is reasonable to fall back into adjustment or shock. The resistance here is more critical. Moderate pullbacks and shocks in which time is exchanged for space are all manifestations of momentum. Do not fall below. Then, at the support step 3, it is also a good price to continue to buy.
Nice market structure reading, I agree price can bounce from 9k lvl. However H&S is rare reversal pattern, looks ugly here, specially this spike....
Trader-LuYao
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@Kuba_San, As long as the support of the rising channel has not broken, I continue to maintain the bullish view of Bitcoin. The head-and-shoulders pattern is only a potential short-term peak signal, and it has not yet broken.
Thanks for your comment.
Kuba_San
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@lufan, yes absolutely H&S is not confirmed. I'm also bullish, have a confirmed Bearish BAT with DB, and riding the CD leg from 7600 :D and as a channel put a pitchfork. I think is nice to see how the price react at equilibrium (middle of the channel). Check my chart you will see what I mean and leave your opinion, please. Cheers mate!
RssGillian
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@Trader-LuYao, wait i didnt expect you to speak fluent english, i followed you on bilibili would you consider a discord channel?
RustyKingfisher
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I agree, you can see the H&S better with the Eth chart.
Trader-LuYao
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@jether, The movement of ETH is more complicated, but it is also a similar uptrend line