Hi friends, hope you are well, and welcome to the new update on Bitcoin ( BTC ).
Reached the resistance:
Even though Bitcoin has broken out big down channel on a daily time frame chart, but could not breakout the $40K level. We also have EMA 21 at the same resistance.
Inverse Head & Shoulder:
On a 4-hr time frame, BTC may drop a little more to form the right shoulder of H & S pattern. After the completion of right shoulder Bitcoin can breakout the neckline of this pattern. The target for this H & S pattern is almost $46K
The neckline of this Head & Shoulder is the basic reason which is not letting the priceline move more up even after breaking out falling wedge on this 4-hr chart.
Weekly higher low expected:
On a weekly time frame, if the weekly will be close here, then another higher low will be formed and this higher low can lead to the formation of another higher high as well. Stochastic is also moved above 20 and turning bullish .
Conclusion:
In the long-term, we have received weak bullish confirmations, but in the short-term, we have another short-term bearish move for the completion of inverse Head & Shoulder.
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