Head and Shoulders Breakout
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.
Share your thoughts in the comment section and follow us on twitter.
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.
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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.)
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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.
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Target area of the a head and shoulders pattern got hit perfectly.
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