Today let’s analyze Bitcoin charts. Recently Bitcoin has gone +20% and there have been many speculations on why that happened
Bitcoin experienced yet the most significant rally this year. When Bitcoin went pass $5,200 we advised you all to be careful on our social media pages:
But after a good run-up, now we are starting to have a minor correction. Higher timeframe still screams for a cooldown due to the fact that the RSI is still overbought. Lower timeframes are also oversold and just bounced off support on 1H charts which signals for a possible small upwards move for Bitcoin.
However, Bitcoin chart’s short timeframe trend seems to have reversed as shown by the H&S pattern. Although it is not perfectly symmetrical, it is an indication of a forming lower high which means – signals for a possible trend reversal!