This is just a quick update that Bitcoin (BTC) price didn’t break through the downtrend yet as everybody else is claiming. Remember Head and Shoulders (H&S) is only a possibility once the neckline is broken. Sad to see half of the community miss using H&S by picking random shoulders, random necklines and prematurely using it as a fact that will happen for sure hence ignoring other possibilities.
Regardless of any chart out there, there are two confirmed patterns
1) Ascending channel
2) Broadening wedge
We are a few days away from finding out which pattern overtakes the other, so meanwhile, ignore all the trolls and the arrows to the moon. I am personally inclined towards #2. However, I’m not going to let that blind me from other patterns out there.
Always remember DON’T ever fight the flow, you will sink. Ride the wave left or right it goes.
Here are some important values:
• Above $11740 thats a bull trend confirmation.
• Below $11000 is a bear trend confirmation.
Below $11100 is the 1st downtrend confirmation, $10900 is the 2nd downtrend confirmation. (After $10900 I would be certain of a fall).
*Tip: Use logscale for long time period of data. Don’t use linear scale on a year worth of data.
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This article is published with some updates and contributed by DCFreak
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Disclaimer: Cryptocurrencies investments are full of speculative and market risks. This article is only for information purposes and not an investment advice. Please conduct your own thorough research before investing.