Summary:
Bitcoin has broken major downward trendline and neckline of inverted Head & Shoulder pattern at 11300 zone. We are currently looking at the retest of the neckline break and if this neckline is turned into support, we could see the price heading towards 17000 - 18000 target zone.
Trend Analysis:
Ever since BTC hit the 5900 level with huge volume spike, we have been seeing the price make higher highs. We had seen a major trend line resistance broken on march 1st and it has been retested and made into support.
Pattern Analysis:
We are looking at the neckline breach and price is retesting this level, so far bulls have been trying to hold this level. If bulls can hold this level and make higher highs, we could see the price reach this pattern target zone of 17000-18000ish.
The bulls did good so far by closing the candle above the neckline, but we need to see higher highs
All in one
This image would give you a consolidated view of this TA. The yellow lines in this image are Support & Resistance zones.
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
