SJCXBTC "W" Fractal or H&S Pattern
Storjx/Btc forming a possible "W", which could be a fractal of a previous "W" pattern. Therefore, we can expect a retest of a historical resistance around 33k sat, possibly in the month of may. The other scenario is a formation of the second shoulder in a H&S pattern around 24,5k sat.
Either way, the historical support is holding for now, so both scenarios are positive as far the price is concerned. RSI is showing room for price growth but the lack of volume is a bit concerning. If the volume increases, the formation of 1 of those patterns is that much more likely.
Of course, it depends on the BTC price movement, which is unpredictable in the comming months. (PBoC, Segwit, Etf). Either way, imo, this is a trade worth taking, setting a stop under the historical support level, a 50% profit taking target on the second shoulder ("C") and the other 50% on the retest of historical resistance.
Either way, the historical support is holding for now, so both scenarios are positive as far the price is concerned. RSI is showing room for price growth but the lack of volume is a bit concerning. If the volume increases, the formation of 1 of those patterns is that much more likely.
Of course, it depends on the BTC price movement, which is unpredictable in the comming months. (PBoC, Segwit, Etf). Either way, imo, this is a trade worth taking, setting a stop under the historical support level, a 50% profit taking target on the second shoulder ("C") and the other 50% on the retest of historical resistance.
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