I have just spotted what looks like a head and shoulders pattern on the hourly chart for Bitcoin. Correct me if I'm wrong, but if it is, this could signal a sudden drop about to occur.
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I have since learned that it's NOT a head and shoulders because it hasn't broken the neckline yet so forget this whole post, unless it breaks it.
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IF it does break the neckline, we are looking at an appropriate $400 drop to around the $4,200 level. Why? Because that's the appropriate distance between the neckline and the top of the head.
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$4,200? No. $3,200. I blame the volatility and lack of caffeine in my blood.