There's a H&S pattern in formation. It should be completed when the right shoulder breaks the neckline. If this happen, we expect the price to fall to $6000. It then might pull back up as it is also the right shoulder's 261,8% Fibonacci level. The it might be a good opportunity to long BTC again for the longer-term.
The volume during the H&S formation has been acting accordingly. Larger than usual volumes on the formation of the left shouder, a decrease in volume as the price rises to form the head, incresing volume as the price draws back to the neckline and then the last increase in volume when the right shoulder is being created.
Also, the Death Cross of the MA (50,200) might happen soon, too. This would also indicate a decrease in price.
when do you think it will hit the 12k or 11k mark? sorry newbie here. I'm still waiting for it to go down and buy some more btc. thanks!
Javigeo
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@roiwilzen, it might be this weekend. But the pattern hasn't been confirmed yet so it might bounce back up in the Fib levels of 61,8%, 78,6% or 100% and start a new upward tendency. If it does breaks the neckline, buying opportunities would be either at areound 10K or 6K (lower Fib levels)
darkandblue
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The H&S volume is actually doesnt confirm. The H should have the highest volume but it doesnt.therefore I dont see the 6K target happening.but there are other bearish signs and 10K is likely.
Javigeo
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@retiringsoon1, it shows lower volume when price is increasing (H) and higher volume when price is decreasing. That should be a warning sign. I agree, it might actually bounce back up in the 161,8% Fib level, which is around 10K.
jazzjazpher
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i think bots is trading to put people on edge. the chart show a near perfect consecutive pattern one green candle up. red cross, down 1 step red cross, down 1 step red cross. until the edge of the support
Javigeo
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@jazzjazpher, might be as well. Do you mean dojis? Where are you looking it?
jazzjazpher
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no one wants to trade very low volume
Javigeo
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@jazzjazpher, it's not about the volume you want to trade but about the volume of transactions being made.