Juanchobanano

Bitcoin - Head and Shoulders Pattern - Drop to 6k?

BITSTAMP:BTCUSD   Bitcoin / Dolar
Hey traders, I hope you be fine! I want to share with you what I found in Bitcoin´s chart today. As you can see, there`s a huge head and shoulders ( H&S ) pattern in formation, which is quite worrying since it indicates a possible drop of bitcoin´s price to 6k dollars, and therefore, a big drop of crypto´s total market capitalization. This is quite concerning since all your investments can be deeply affected by this drop.

If you are not familiar with technical analysis theory, I will explain you what this pattern exactly means. According to technical analysis theory, this pattern corresponds to a Trend change pattern, and it forecast (depending on the H&S direction) an upward or downward movement equal to the height of the pattern´s head. If this pattern consolidates, and price breaks the neck of the pattern (12.500), we can expect a big drop in bitcoin´s price in next few days, which points to $6k target.

Additionaly, if we study volume devolpment throughout time, we can notice that in every peak of the pattern, volume has been decreasing, which supports the idea of a H&S pattern formation.

Finally, I want you to know the reason of this post is to warn you about what can happen with bitcoin             price and how it can affect all cryptomarkets total capitalization. H&S shoulders pattern is not confirmed yet, however if price breaks the pattern´s neck you should be worried.

If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
Komen: Bitcoin is not showing strength signals to break its current downtrend line. Waiting for more info.
Komen: Bitcoin testing resistance line again
Komen: Bitcoin´s break resistance line! Waiting for more info
Komen: Bitcoin testing MA 200 and LongTerm tendency line (in log scale) This is a key moment!
Komen: Bitcoin new tendency line. I will continually update this post.
Komen: Bitcoin testing tendency line :)
Komen: Hey traders! Thanks for your great feedback. If you are interested in Ripple´s market, here´s my new idea if you want to check it :)
Komen: Tendency line broken. BTC is not showing strengh signals
Komen: Big price drop. Is H&S actually consolidating?
Komen: Bitcoin´s new downtrend. If channel is broken, H&S will be almost consolidate! WatchOut!
Komen: Price broke the pattern´s neck!!
Komen: Pattern´s neck is acting like a support level, We have to keep waiting for stronger signals capable of confirm this pattern.
Komen: Price testing downtrend
Komen: Hey guys! If you are interested in Stellar´s market, here´s my new analysis if you want to visit it. Thanks for all your support :)
Komen: Hey guys! If you are interested in Monero´s market, here´s my new analysis if you want to visit it. Thanks for all your support :)
Komen: Price testing downtrend. Maybe it will become in a new uptrend a in couple of hours :)
Komen: Bitcoin new uptrend :)
Komen: Hey traders! I invite you to follow my new Bitcoin´s analysis. Triangles has already been broken!
https://www.tradingview.com/chart/BTCUSD/T4u4CI9y-Bitcoin-Triangle-Pattern-21k-or-10k/#tc1224601
ooops
Balas
Hey Young man .. Juan !!
cool ANALYSIS !
Keep it up .... soon u will become a celebrity ! :)
+1 Balas
Juanchobanano cryptoSingh
Thank you @cryptoSingh!
Balas
Target from Dec. 27th reached... BTC 10K..

GOOD LUCK. GOOD PROFIT. ALL IN.

+1 Balas
Juanchobanano lemosedmirf
Thanks for sharing @lemosedmirf! Yep, finally it happened
Balas
Does this mean its going down towards 8k from here or upward trend?
+1 Balas
Hey @Judex81! :) We should wait for further market info. Price has an important resistance line at 10k.
Balas
Went up...lol
Balas
Hello Juan.What is your current thoughts on this graph
thank you
Balas
Pls update idea
Balas
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