BTC rejected by heavy resistance at neckline! Possible bounce?

6 mar 2018

Good morning everyone! Here is the latest with Bitcion: This is on an hourly chart, I normally use a 4 hour. Bitcoin pushed up to the neck line of the inverse head and shoulders with unbelievable effort, considering it had hardly any volume most of the time. It was rejected by that trendline. It didn't have enough momentum and buying pressure to break through that huge resistance level so it tumbled down to the 200 EMA level, which is a key level for a bounce. If we don't see a bounce within that red circle, the next level of support I'm looking at is back down to that purple trendline with the green support line drawn above it. From here, I'll keep you posted as to whether we bounce or dive back down to new support levels. Any questions or comments feel free!