A quick Sunday morning update on the Bitcoin USD market.
Bitcoin found short term support around 5600 and 5700 and has pushed the price to 5830, where it seems like the sellers might be starting to step in.
The purple line indicates the top of the possible H&S pattern on the 1day charts and this price level has seen a lot of action in the last few weeks. A new all time high will only get set if we break through to 5800 – 5900 with volume.
For all the bears out there, we are looking towards 5700 – 5600, but the real deal is if we break below 5400.
At the moment a break to the upside could very well be likely with Segwit2x around the corner. Lets keep a close eye on the markets and see what develops.