A lot of traders are expecting the second head of H&S in order to enter their position. The question is: are we going down to $7800 or not? As you can see, surprisingly, BTC just entered again in the main channel. Let's take a look at the indicators to see what they are showing.
- Sotchastic is showing overbought position which means that we are expecting a pull back for BTC
- RSI sustains Stoch indicator as you can see in the chart. It's about to cross the 80 level.
- EMA10 above EMA20 on daily chart which means clear uptrend.
- We are above SMA50 and SMA100 and it seems BTC is trying to test the SMA200 which is the next resistance. If we break that level, we will not see the H&S pattern anymore but we are going to test the next resistance which will be around $11000.
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