BCHUSD head&shoulders or double bottom?
Looks like we're forming a head and shoulders pattern thanks to a huge buying volume.
Unfortunately that volume was only short term, so I wouldn't count on it to support the trend.
If the price stays above 1225 for the next 3-4 hours we might see the inverse H&S pattern, else I expect a partial sell-off (of the spiked volume) and the price will probably drop to current support level at 1000.
If we do get to the inverse H&S pattern, but fail to support the dip of the second shoulder at around 1000-1050, I suspect we'll retest the 800 levels.
Judging from the lack of volume, I expect the price to drop to around 1000
Unfortunately that volume was only short term, so I wouldn't count on it to support the trend.
If the price stays above 1225 for the next 3-4 hours we might see the inverse H&S pattern, else I expect a partial sell-off (of the spiked volume) and the price will probably drop to current support level at 1000.
If we do get to the inverse H&S pattern, but fail to support the dip of the second shoulder at around 1000-1050, I suspect we'll retest the 800 levels.
Judging from the lack of volume, I expect the price to drop to around 1000
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