If you read yesterday’s analysis, we noted that a classical technical charting pattern was in the process of forming in the bitcoin price. The pattern in question, an inverse head and shoulders pattern, suggested that – upon completion – we could see some considerable upside heading into the Asian session and, beyond, in to today’s European action. The bitcoin price has now matured, and as we head into the mid European afternoon on Thursday, it’s time to take a look at whether our bias proved valid and, in turn, what we can expect as we head into the close of today’s European session and beyond. So, without further ado, let’s do some digging. As ever, get a quick look at the chart below to get an idea of what’s going on – its an intraday, 15-minute chart that shows the last day or so worth of action in the bitcoin price.
First then, let’s address yesterday’s target. We predicted that – if we cot a completion of the inverse head and shoulders – we