codypd
Short

BTCUSD - Head and Shoulders. 160 price target.

BITSTAMP:BTCUSD   Bitcoin / Dollar
132 1 2
Hard not to see the latest head and shoulders on the Bitcoin / USD chart.

Distance from top to neckline is approx $70 which places the target at 160 which (by no coincidence to technicians) is a support level of the prior low.

Caveat / disclosure - I was long Bitcoin a few months back out of belief in spite of the chart. I am long no longer and figured I'd get back in when goes under $100. As an electronic payment system (rather than a currency) I estimate it has an intrinsic "book" value of $38 (based on the size of the network servicing it and the dollar based transaction capacity of the Bitcoin in circulation - ultimately the blockchain will eliminate Visa/MasterCard debit cards imo) so all of that may color my thinking.
Good idea mate.
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