Bitcoin BTC - Back To Test Neckline And 50 Day SMA
After fulfilling our noted measured move price objective at the 7800-8000 zone, and exceeding such level by a few hundred points/dollars with and 8500 print, BTC has found its way back to test its prior break-out level (former resistance now turned support) out of its inverted H&S pattern of three (3) weeks ago located at the 6900 figure.
While both Investors/Traders can expect a bounce out of this level and perhaps a test into the 7200-7300 zone, it will be important to see how BTC acts at such level should it materialize in the days ahead.
Will BTC have enough Mojo/Momentum to produce 'Follow-Through' once there or, will BTC find stiff headwinds only to be rebuffed and resume the slippery slope lower once again?
Only in time will we know - have our answer/s. Developing. We await the verdict.
While both Investors/Traders can expect a bounce out of this level and perhaps a test into the 7200-7300 zone, it will be important to see how BTC acts at such level should it materialize in the days ahead.
Will BTC have enough Mojo/Momentum to produce 'Follow-Through' once there or, will BTC find stiff headwinds only to be rebuffed and resume the slippery slope lower once again?
Only in time will we know - have our answer/s. Developing. We await the verdict.
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