Quick #BTC $BTC Bitcoin Update 06 March 2021

Quick #BTC $BTC Bitcoin Update 06 March 2021

Quick Bitcoin Update:

A real quick bitcoin update, As we can see in the screenshot below, Bitcoin started forming an inverse head and shoulder pattern after breaking the red colour trend line. Bitcoin successfully formed the left shoulder and head part in the pattern, and now the right shoulder formation is happening. Inverse Head and shoulder pattern is a reversal pattern, and break out of the pattern indicate a bearish reversal of the trend. As I said, the formation is happening. The reversal is still not confirmed. Bitcoin must have to break the green box and later the pattern’s purple neckline to get confirmation. But I think bitcoin will get support from the green box because look at the dark blue box, the candlestick formation is Doji, which absorbs the supply and the price bounced.

Link to Image: https://www.tradingview.com/x/…

Bearish Breakout Bitcoin Update

If Bitcoin close 4 hour or daily candle below the green box, then the trend will change, and our next support is at $42k – $43k.

 

Bullish Breakout Bitcoin Update

To create a clear bullish trend, Bitcoin must have to bounce up from the Green box and lower edge of the triangle highlighted by the Blue colour and later breakout from the upper triangle trend line, which is at $50,000 around.

 

Current Trend

Bitcoin is currently just getting back and forth in the triangle, which is an unclear price movement state. Most of the day trader is waiting for the breakout from the triangle for bullish, while the green box and the neckline for the bearish trend.

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