Bitcoin Head & Shoulder Formation Possible targets $4000
Bitcoin bulls are exhausted and run out of fuel. Here is the technical analysis of Bitcoin. A possibility of Bitcoin Head & Shoulder is there. Bitcoin is unable to hold the $5500 levels and now trading at $5410 ( at the time of trading ).
Bitcoin gains positive movement from the last couple of weeks and the pace is slowing down now. As per RSI (Relative Strength Index), Bitcoin is now in the overbought zone. A pullback is necessary for further growth.
On the 1-day Bitcoin charts, there is a possible head & shoulder formation. Previously there is an upside breakout from the ascending triangle and Bitcoin see magnificent gains of 25 percent overnight.
Here is the full technical analysis of Bitcoin.
Bitcoin golden cross has happened and as per history (2015 charts) market start dumping. Bitcoin is very harsh on Altcoins and many of them see double-digit losses.
Bitcoin will face heavy selling around $5500-&6000. The biggest psychological resistance for Bitcoin is now $5800-$6000. We may see the last test of this resistance before going down.
The immediate support for Bitcoin is $5000 and the price will retrace from there. There is a possibility of the double top also. According to Fibonacci levels, the last support for Bitcoin is $3800-$4000.
Those who are looking to open long/buy position in Bitcoin can place orders in the range of $4000-$4500. Always remember one thing in trading “Patience Always Pays“.
If you are an Altcoin hodler, this is a tough time for Altcoin market and Alts will bleed more.
The next months are deciding for the crypto market and we may see the starting of the bull market at the end of this year. Bakkt and Bitcoin ETF are waiting to join the party.
