Bitcoin Review : --------------------- Bearish Momentum on 4hr chart. We have seen Head & Shoulder pattern is forming. Possibly recent rally has created the Right Shoulder. Price needs to close below the neckline (12700) to confirm the Head & Shoulder Pattern. Price & RSI have got resistance on descending trend-line.
Invalidation : If price & RSI break the descending trend-line (red color) towards upside, than price will continue to rally.
Recently, Price and RSI had broken descending trend-line towards upside and it was the first signal of impending trend reversal. Also there was a bullish Fakey setup. Price got increased nicely as expected.
Previously we saw price had fallen down sharply after showing a regular bearish divergence.
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lets say the market id highly manipulated! I dont think the H&S patter will stand it come out of worst scenarios than this so be careful close your shorts quick and watch on the sidelines to be safe!
amirulopu
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everyone wants bitcoin price to go up.. so do I. But now bearish momentum is going on... hope bullish momentum will be coming...