Hello Steemit Members,
Bitcoin seems to be holding above 8k. However, we have hit a high of 9k yesterday and ended up closing on a red day. This shows some sign of concern. Yesterday ended as an indecisive candle stick. that makes today a very important day. If we end on a red candle stick today, I expect a little more consolidation. However, there's some good news to this bad news. A head and shoulder pattern is starting to form. What does this mean?! A head and shoulder pattern is a reliable trend reversal pattern. If bitcoin can close above the green head and shoulders neck line, I would say it's a good time to buy. I expect bitcoin to go to 11.2k and possibly 12.5k if this pattern plays out. The MACD has crossed and there's a nice divergence. These are bullish signs that indicate bitcoin might be near it's bottom. Though, it is still to early to tell where this will play out. Patience is key in the market. Don't rush and buy because of the first sign bitcoin might recover. 5k is still a possible scenario, and so is 3k. This is why we need to be patient.
Every comment and upvote is appreciated!
JRcrypto
1 Day Chart
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1 Hour Chart
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