Bitcoin Technical Analysis 28/12/2017

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin price is completing a head and shoulders pattern, which is a conventional reversal sign, on its 4-hour time frame

Bitcoin price failed to maintain its jump at past zone of $16,000.
Price now appears to be completing its right shoulder of the head and shoulders reversal formation.
The neckline is positioned around $13,000 and a drawback wreck should cause a downtrend of the identical height as the chart pattern.

The 20 SMA continues to be above the 50 SMA , so the path of least resistance is to the upside. This shows that the rally is more likely to renew than to reversal.

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