Bitcoin May Be Building for a Major Bull Reversal.
View:
• BTC's close below 10-day MA yesterday has neutralized the immediate bullish outlook.
• The immediate support at $6,000 could be put to test in the next day or two, but the probability of a break below that level is quite low.
• A high volume rebound from $6,000 would help BTC chart an inverse head-and-shoulders bullish reversal pattern.
• A daily close (as per UTC) below $6,000 would boost the odds of a drop below $5,755 (June 24 low).
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Omkar Godbole, Coindesk.
View:
• BTC's close below 10-day MA yesterday has neutralized the immediate bullish outlook.
• The immediate support at $6,000 could be put to test in the next day or two, but the probability of a break below that level is quite low.
• A high volume rebound from $6,000 would help BTC chart an inverse head-and-shoulders bullish reversal pattern.
• A daily close (as per UTC) below $6,000 would boost the odds of a drop below $5,755 (June 24 low).
_______
Omkar Godbole, Coindesk.