BTC/USD Update - Leveling Out?

coinsholar (31)in #steempress • 6 years ago

Weekly

Zooming out onto the weekly, we see a double bottom formed on previous support around $5800 USD. There are several possibilities here: Perhaps the most bullish would be that we are at the bottom of a cup and handle (C&H) formation where we could see a retest of the ATH by next spring.

A more bearish situation would be the possible formation of a head and shoulders (H&S) pattern with a shoulder and a head already formed. Should this week close red, this scenario will have a stronger possibility.

As far as news, several ETF proposals have been denied by the SEC, but a few are under re-review. This only adds more uncertainty to the market.

The RSI rests in a neutral zone with bearish tendencies. A break above 50 may allow us upward progress.

Should we break down, look to $4800. Worst case scenario being we see a full retrace to the comparable 86% retrace we saw in the bear market of 2013-2015.