VincePrince
Short

BTCUSD - More evidence for BITCOIN to go down?!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Hello traders investors and community. This is an update analysis on my recent SHORT analysis about BTCUSD .
As you can see in my chart BTCUSD is about to form an huge head and shoulders pattern with the right shoulder about to complete.
We have strong resistance above us at 12100 - 12200, when we touch this area there is a high probabilty for an next pull-back and sell-off.
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As now the price is consolidating with declining volume and momentum, normally such a movement is shown before more decline in price.
Also the psychological range above 10.000 is holding now, this is why we seen some up-moves the last days, but this will not be forever as i expect.
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When we cant hold the range above 10.000 the price will shrink faster, as it now does with lower momentum. So be aware!
This pattern can be traded with confirmation of the head and shoulders formation.
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Thank you for watching my analysis love you all! Give some support and you will see more market insights in the future!
This is only educational and should not used to take action in markets!
May all happiness and luck come to you friends!
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Comment: Broke trend-line of the head and shoulders pattern. More selling pressure is expected.
Comment: Head and shoulders pattern is confirming
Comment: H&S confirmed, we will see more selling next time
Comment: Thanks for everybody who supports my work! You are the best!
Great! pattern Noted
+1 Reply
VincePrince Amjadsid
@Amjadsid, Thank you my friend
+1 Reply
I don't think the volume signature though is good. It should have declining volume from right to left for the whole pattern, not just from the head to possible right shoulder?
Reply
VincePrince tedmachart
@tedmachart, The Volume matches the head and shoulder pattern.
+1 Reply
good job
Reply
VincePrince Yuriy_Bishko
@Yuriy_Bishko, Thanks!
Reply
Interesting view, keep it up.!
Reply
VincePrince Bullandbeartrading
@Bullandbeartrading, Thank you!
Reply
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