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Technical Update - Bitcoin & Ethereum reversing corrective pattern. Big upside potential
Summary: Bitcoin and Ethereum bounced from rising trendline cancelling Shoulder-Head-Should pattern. Testing resistance the two Crypto’s seem set for much higher levels
Bitcoin BTCUSD. The Shoulder-Head-Shoulder pattern potential target was cut short after bouncing from support at around 24,845 and the lower rising trendline. See previous Crypto Update.
The SHS pattern is now cancelled after BTCUSD closed above the Neckline and 28,475.
BTC is now testing the resistance at around 31.290 and if closing above BTC has the potential to move higher. However, do expect a minor correction possibly down to 29K before next push higher.
If closing above 31,290 BTCUSD has no strong resistance until around 46,850
BTCUSD is in a medium-term uptrend that will be reversed if closing below 24,750
Ethereum ETHUSD is back above its Neckline (see previous Crypto update) and testing resistance (and right shoulder in now cancelled SHS patter) at around 1,928.
A close above is likely to push ETH towards 2,120 with some resistance at around 2K.
If closing above 1,930 the medium-term uptrend has been confirmed - seee weekly chart - with potential to around 2,500.
To confirm a down trend a close below 1,620 is needed.
A close above is likely to push ETH towards 2,120 with some resistance at around 2K.
If closing above 1,930 the medium-term uptrend has been confirmed - seee weekly chart - with potential to around 2,500.
To confirm a down trend a close below 1,620 is needed.