Bitcoin Drop Could Be Incoming (Head and Shoulders Pattern)

Bitcoin is currently forming a Head and Shoulders pattern on the daily chart. If this breaks out, the target would be around the $16,000 area. This was also support on the previous run up which shows similarities to the 20k bitcoin drop where 3.2k was support which was previously resistance on that run up as well. This in conjunction with lower volume means the breakout would be explosive in nature.

Good Luck on your Trades!
-Robbby

Comment:

Head and Shoulders is acting as expected as we seen a return to breakout pointed out by the arrow on the chart. Target remains the same at the $16,000 area. Next area of support for bitcoin is between $32,000-34,000.

Good Luck on your Trades!
-Robbby

Comment:

Almost at target good job to all that entered trade

Trade closed: target reached