BTC/USD ANALYSIS
yesterday that the bearish head and shoulders pattern remained valid and prone to complete, so a break below the support at $7,043 and also the round number confluent with it at $7,000 would be a bearish sign and I would take a bearish bias if it happened. Conversely, if the price could get established above $7,700 it would invalidate the bearish head and shoulders pattern completely and so would be a bullish sign.
This was a good call and the analysis is still valid and can be used again today. The price action over the past day has made the technical picture slightly more bearish, with the former support at $7,260 breaking down and clearly flipping to become new lower resistance. All that is needed for the bearish patter to complete is a break below $7,000 which could see the price move quickly down to $6,441 or possibly even lower.
I will take a bearish bias today if we get two consecutive hourly closes below $7,000 and the price then breaks to a new low for the day, at least as far.
yesterday that the bearish head and shoulders pattern remained valid and prone to complete, so a break below the support at $7,043 and also the round number confluent with it at $7,000 would be a bearish sign and I would take a bearish bias if it happened. Conversely, if the price could get established above $7,700 it would invalidate the bearish head and shoulders pattern completely and so would be a bullish sign.
This was a good call and the analysis is still valid and can be used again today. The price action over the past day has made the technical picture slightly more bearish, with the former support at $7,260 breaking down and clearly flipping to become new lower resistance. All that is needed for the bearish patter to complete is a break below $7,000 which could see the price move quickly down to $6,441 or possibly even lower.
I will take a bearish bias today if we get two consecutive hourly closes below $7,000 and the price then breaks to a new low for the day, at least as far.
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