BITCOIN - BTCUSD Bearish Short Term - Here's Why! SHORT 1HR
Here, I will make the case that Bitcoin is heading lower in the near term.
First, a rising wedge (in red) developed but has yet to complete the pattern. The fall would be equivalent to the height of the wedge. (See blue arrows) If completed, the price would decrease to around $8670.
To compliment this bearish potential, the final shoulder of a bearish head and shoulders pattern is developing. Measuring the height from neckline to the top of the "head" (see green arrows) and Bitcoin could see a drop equivalent to this height... around the $8430 area.
This could precipitate a falling wedge pattern... and potentially a bigger move up in the future.
For now I am watching out for short term bearish action... and paying close attention to a break above falling resistance.
First, a rising wedge (in red) developed but has yet to complete the pattern. The fall would be equivalent to the height of the wedge. (See blue arrows) If completed, the price would decrease to around $8670.
To compliment this bearish potential, the final shoulder of a bearish head and shoulders pattern is developing. Measuring the height from neckline to the top of the "head" (see green arrows) and Bitcoin could see a drop equivalent to this height... around the $8430 area.
This could precipitate a falling wedge pattern... and potentially a bigger move up in the future.
For now I am watching out for short term bearish action... and paying close attention to a break above falling resistance.
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Keep an eye on this though...
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So the inverse happened...