Is Bitcoin Head & Shoulders now?
Do you think that BTC has drown the Head and shoulders formation?
After Investopedia:
In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
More info here: http://www.investopedia.com/terms/h/head-shoulders.asp
Could be but a drop to $900? That seems a bit too much. It is likely that price ounces ultimately around $1,800. Even the average on the Weekly is above $1,400 now and not easily punched through, I think.
Bitcoin Weekly Chart (Bitcoinwisdom) - link
2300 - 900 = 1400
Ha ha, great minds think alike.
Yes... It is possible. Bitcoin have a problem with creating new peaks. So we have to watching on "neck line"