Bitcoin formed a head and shoulders pattern over the last 2 months and just broke out. Above you can see the BTC Futures Chart. The volume confirms the pattern. Target would be around $8.3k.
On the bearish side: Usually, a rising confirmation line is a stronger reversal pattern than a decreasing neckline which we have formed. Furthermore, similarly looking chart patterns are the double top formations.
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On the bearish side: Usually, a rising confirmation line is a stronger reversal pattern than a decreasing neckline which we have formed. Furthermore, similarly looking chart patterns are the double top formations.
Share your thoughts in the comment section and follow us on twitter.
Commento:
Now it gets interesting. Bitcoin just below the upper pitchfork line which it has visited several times during the whole correction since earlier july - always got rejected. (Pitchfork breakout could mean change in trend.)
Commento:
Bitcoin upmove could just be a bearish retest of the 200d SMA on the Futures, totally in line with hitting the head and shoulders target.
Commento:
Target area of the a head and shoulders pattern got hit perfectly.
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