BTC has been doing a lot of violent moves recently. It dropped below the cloud on the 4H and bulls are trying hard to push it back above the cloud. A zoom out shows a massive H&S may be forming. If validated the target would be as low as $8000. BTCUSD required continuous watching right now.
I was looking at the 4 hour chart and there is a head shoulders pattern forming their as well. Does two head and shoulder patterns give strong indications of a drop? Also, do you think people are buying in to get additional coins for the SEGWIT2X fork scheduled for the 12/28?
@Hangten4881, the chart I use is the 4H chart. A H&S indicates a trend reversal from uptrend to downtrend. the current segwit2x fork is a scam and no one cares about it.
@Supertraderboy, what do you mean? for this exact chart, my focus was the chart pattern with some help from the cloud. Stoch RSI is pointing down also but it wasn't a main factor in my analysis.
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