BITCOIN (BTC/USD): Beware of the head and shoulders chart pattern

 


Bitcoin has been trading between the major resistance level at 30k, where bitcoin is facing an overwhelming amount of overhead supply, and its 600-day EMA / 27.6k. Beware that a head and shoulders chart pattern has emerged. If the 600-day EMA/27.6k support levels can't hold, bitcoin could pull back to retest the March 17 breakout at ~ 26k.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

Comments

Post a Comment

Popular posts from this blog

TESLA INC. (NASDAQ:TSLA): Tesla stock's post election surge has completely evaporated after January sales in Europe plunged 45%

Image
  Tesla stock took a nose dive , down over 8% for the day and wiping out the post election surge, after Bloomberg reported that Tesla's January EV sales in Europe plunged 45% Y-O-Y . From a technical viewpoint, Tesla stock's downtrend is still intact with t he price target of $288.39 after a descending triangle chart pattern breakdown on February 5 . The stock broke below its 200-day EMA intraday and could be heading down to test the $288.39 level this week. Beware of the bearish "lower-lows" chart pattern as well as the emerging "head-and-shoulders" chart pattern!!!!! This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!
Read more

TESLA INC. (NASDAQ:TSLA): UPDATE - Tesla stock's downtrend is still intact / Sell $TSLA/Buy $BYDDF

Image
  Tesla stock is under selling pressure after BYD announced on Tuesday that the company will offer its free automated driver assistance system (ADAS) in China on their 21 models. It looks like the smart money is moving out of $TSLA into BYD (OTCPK:BYDDF). BYD stock has already been up 46.27% YTD while $TSLA is down 16.44%. From a technical viewpoint, Tesla stock's downtrend is still intact with t he price target of $288.39 after a descending triangle chart pattern breakdown on February 5 . Keep an eye on the trendline support ~ $314. A breakdown could mean that Tesla stock's post election surge has completely evaporated. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update !
Read more

Apple Inc. (NASDAQ:AAPL): Apple Stock is Setting Up For Major Breakouts

Image
  Apple stock bounced off $146.17 on Friday to close at $151.03 after Morgan Stanley raised its price target from $175 to $180, citing that investors are overlooking key catalysts, including pent up demand for iPhone 15 and a AR/VR headset launch. The stock is setting up for major breakouts at ~ $152 and $156, respectively. This note   contained herein is not and should not be construed as a recommendation to buy or sell.   Click here to view the latest update!
Read more