So far, on the 4hr chart, bitcoin has been indicating some level of bullish activities with the head and shoulder formation which is usually known to be a reversal pattern, with the market being supported hugely at the MA20 and 40 line. We have only been able to break one resistance line so far as indicated with the blue dotted line and still trying to break the one formed by the head and shoulder formation indicated with the yellow dotted line and this break out would cause a rally to the point shown with the arrow which ideally, we are all eagerly waiting for.
The MACD is still looking good as well as other indicators, but it looks like BTC is taking its time gradually and all we need now is patience. I also feel right now that any break below the blue dotted line should take us back down, testing the $6000 region, but I want to believe that the present support should hold us strong.
I guess we just have to wait this out and see where it leads us.
What do you guys think?
Disclaimer:
This is my opinion, so you can decide to make further research which means everything you do is at your discretion and totally makes me not responsible for any loss on your part. This post is meant to be a guideline and you should see it as such.
Cheers and Happy Valentine!
