2018-7-17 00:37 |
So, while the bulls may feel emboldened by a possible inverse head-and-shoulders breakout, they are cautioned against being too ambitious.
The area between $7,000 – $7,100 hosts more relevant technical hurdles that need to be penetrated in order to prove the bull case.
Interestingly, the 0.236 Fibonacci retracement from May high of $9,900 happens to be in the same area, according to Bitfinex Exchange.
Bitcoin would then likely attack long-term trendline resistance located at $7050, as seen in the chart below.
If the inverse head-and-shoulders pattern takes form, the trendline of resistance would likely be tested in the following hours or days.
Similar to Notcoin - Blum - Airdrops In 2024