BITCOIN: Head And Shoulders Spotted - Target $10,000

BTC has had some bearish price action since hitting $12,450, which is cause for concern. A key move was breaking out of the pink ascending channel to the downside. Bitcoin appears to have found support for the moment, but has a head and shoulders set up which could take us to $10,000. I will be looking for reversals around the $11,700 level to enter my short. There is very little support/resistance between $10,000-10,800, so I suspect that if the price were to fall into this area the decline could be quite rapid. Let's see how the price action plays out.

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Target hit. Short entered. Let's see what happens.

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Target hit, but this could still have further movement to the downside. Be careful.