CryptoJosh2018

Bitcoin Head and Shoulders?

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Currently it appears that we have a head and shoulders in the making at the moment. As you can see we are currently sitting near atop of the 50-day moving average at the moment and i expect to see us bounce there to form the right shoulder of a potential head and shoulders . $3680-3750 will be where I am expecting a bounce to the upside to the $3850 range before resuming downwards to complete the right shoulder. Also notice that the MACD has crossed to the downside showing selling momentum is beginning to build and RSI is looking to go oversold. My stop loss target would be set to $3880 for this move. If this plays out as i expect it to I presume we will test lows from November/December roughly $3200 in the coming weeks/month.

In addition, currently coinbase listed XRP and as we may have noticed it didn't cause much excitement or drive prices up as dramatically as I would have expected or like to have seen albeit 5% is phenomenal in traditional markets . Currently with information of users data being sold on coinbase and the #deletecoinbase movement in play and news article stating new lows it seems we may be headed to test previous lows. On the contrarian side, market sentiment is currently stating there is fear, which may offer a good buying opportunity for those who don't want to wait on the sidelines. <img src="https://alternative.me/images/fng/crypto-fear-and-greed-index-2019-2-21.png" alt="Crypto Fear & Greed Index on Feb 21, 2019" />

Please leave a thumbs up if you agree and comment, because i'm still learning and would like to know what others think.

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