ZacharyThompson

Potential Head and Shoulders Fakeout into 200 MA then breakdown

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bulls have tested 6800 area 6 times since June 18th, I think if we head back up there and the head and shoulders pattern plays out then we will break up towards 7000 area. Maybe consolidate around then and move up giving the resistance time to come down. The 200 MA is moving down and we fell out of the sky last time we touched 200 MA, also the 30 week MA is heading down at an accelerated rate it would be a great setup to get everyone bullish and then wreck them. The ultimate last chance to short!
Comment: Bitcoin is currently right under the 200 day MA ( approximately 300 dollars away) and also the 30 week MA is coming down at an accelerated rate to cross the 50 week MA, the death cross will most likely occur next Sunday so 8 days from now. It will be interesting to see if this was a bull trap and we reverse off the death cross and 200 MA which was my prediction in early July! I personally will be shorting the 200 MA when we touch it.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out