johnrblakejr

Bitcoin Head and Sholders Pattern

Short
BITFINEX:BTCUSD   Bitcoin
Bitcoin seems to be forming a major Head and Sholders Pattern. Top of right shoulder seems to be completing at almost the exact height of the left shoulder at the $42,000 range. A break below the bottom of the right shoulder may bring in more selling pressure. As well we have a "Death Cross" (50 period moving average crossing below the 200 period moving average) completing in the next week on the daily chart. If the head and shoulers pattern completes I would be looking at the 200 Moving Average on the weekly chart around the $13,00 range for support.
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