BTC has been trading upwards but if found resistance at the price of $8.240. The big head and shoulders pattern is in creation and you should watch for potential down break for selling opportunities.
Gray rectangle – Resistance became support $8.080
Blue rectangle – Important support $7.410
White upward trendline – Short term support
We found head and shoulders pattern in creation, which his indication of potential toping activity. Our advice is to watch for potential breakout of the upward trendline to confirm short-term downward movement and then watch for potential breakout of the key neckline to confirm head and shoulders pattern. Important support is set at the price of $7.415. As long as the swing high at $9.067is not broken, we will watch for selling opportunities.
