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
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Bitcoin is not showing strength signals to break its current downtrend line. Waiting for more info.
Komen
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Bitcoin testing resistance line again
Komen
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Bitcoin´s break resistance line! Waiting for more info
Komen
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Bitcoin testing MA 200 and LongTerm tendency line (in log scale) This is a key moment!
Komen
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Bitcoin new tendency line. I will continually update this post.
Komen
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Bitcoin testing tendency line :)
Komen
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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 :)
Komen
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Tendency line broken. BTC is not showing strengh signals
Komen
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Big price drop. Is H&S actually consolidating?
Komen
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Bitcoin´s new downtrend. If channel is broken, H&S will be almost consolidate! WatchOut!
Komen
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Price broke the pattern´s neck!!
Komen
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Pattern´s neck is acting like a support level, We have to keep waiting for stronger signals capable of confirm this pattern.
Komen
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Price testing downtrend
Komen
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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 :)
Komen
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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
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Price testing downtrend. Maybe it will become in a new uptrend a in couple of hours :)
Komen
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Bitcoin new uptrend :)
Komen
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Hey traders! I invite you to follow my new Bitcoin´s analysis. Triangles has already been broken!
Do you realise how low 6k is for btc?
This huge correction would only happen if some drama comes from trading platforms, or some trading ban from a major country.
Nothing like this seems coming so far.
Shame on you to mislead users, especially newbies who probably became extremely worried reading your "chart".
Btc is testing the 11k 15k resistances since weeks and thats all.
- rep
Alcale
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@Giorgioversace, so 6k is low.. ok I support that since i have coins since 2012... but just a question... 6k is too low but 20k is not too high? Don't get me wrong, I would like btc to go over 100K...
Giovi6969
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@Alcale,
When i say 6k is low, i am referring to the eventual drop this trader is talking about, from the current 14k.
Going from 14k to 6k is not going to happen in the coming days, even if the trader sees here some head and shoulder look a like.
From 14k to 6k would not even be a correction, but a global crypto market coins crash, with every coing crashing including also Xrp.
Unfortunately i can't tell you about the actual value of Btc, if 6k is high or not, if 20k is high or not, nobody knows the real actual value of 1Btc.
I can just tell you right now that if you want to make the best profits in a week or a month, Btc is not the way, you have to head towards some particular altcoins for that.
Take care of your wallet.
Crypto1337Dk
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@Giorgioversace, Gigant have fallen before and will again.
I believe it's time for a deeper correction. Nothing just goes to the moon!
I do, however, believe that we are going to the moon. But there might (or might not) be one or more deep corrections before that!
@julypalma, Can you explain that - because I think volume is actually supporting it.
Crypto1337Dk
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Manipulated or not, something seems off.
The price doesn't care about patterns, trendlines or MA200. It's just moving along minding its own business or something :)
tcblue
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lol, seriously ? please don't take this wrong, but do you honestly believe this ? do you not feel bad encouraging people to sit out until its too late ?
This huge correction would only happen if some drama comes from trading platforms, or some trading ban from a major country.
Nothing like this seems coming so far.
Shame on you to mislead users, especially newbies who probably became extremely worried reading your "chart".
Btc is testing the 11k 15k resistances since weeks and thats all.
- rep