Bitcoin - Head and Shoulders Pattern - Drop to 6k?
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 :)
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
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Bitcoin´s break resistance line! Waiting for more info
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Bitcoin testing MA 200 and LongTerm tendency line (in log scale) This is a key moment!
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Bitcoin new tendency line. I will continually update this post.
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Bitcoin testing tendency line :)
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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 :)
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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
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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 :)
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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!
www.tradingview.com/...-Pattern-21k-or-10k/
www.tradingview.com/...-Pattern-21k-or-10k/
