Hi fellow Steemians, fellow investors, traders and crypto enthusiasts. Are you all watching Bitcoin? I know I am.

There has been some strong movement on the Bitcoicn/USD chart. So lets take a look.

Bitcoin/US Dollar (BTC/USD) - Daily Chart - Head and Shoulders Pattern

Looking at the price action I am drawn to 2 candlesticks.

Firstly: The close just above the conservative bottom. It is clear that people where watching this level. On the previous analysis price was through this support level however by end of day the price quickly pushed up above it showing there was some buying pressure in the area.

Secondly : The following candlestick (closed yesterday) showed extremely strong buying pressure and as yet this is probably the strongest bullish candlestick to date (open: $1925 - close: $2220 = $295), closing above the two previous candlestick highs.

Is the bearish correction over? I have my reservations. I still think there is room for Bitcoin to make another dip before it finds the bottom.

Would I be looking to buy at the lowest possible price. Well yes, everyone would but it is quite difficult to be 100% sure when this will be, so probably the best way would be to spread entries on key support levels.

What to see the initial Bitcoin Head and Shoulders Pattern? Find it here.

So fellow Steemians, investors, traders and crypto enthusiasts what is your take on where the price of the price of Bitcoin is going? Do you agree or disagree with this analysis or do you have your take on what the chart is showing ?

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Resources

Coinigy - Online chart tools for Cryptocurrencies - Affiliate link

Coin Market Cap - Excellent resource with a loads of crypto data

***Disclaimer***

Please keep in mind: The risk of loss in trading can be substantial. I am not offering financial advice nor am I telling you how or what you should be trading. I will simply be applying charting techniques I have learnt over the years. If, of your own free will, you decide to trade never trade with money you cannot afford to lose and if you do trade, try to spread out your trades on multiple assets. A diverse portfolio is much better than only holding a single asset.

***End of Disclaimer***