BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I believe that Bitcoin will undergo a H&S Pattern, and will go down around the $6000 once the right shoulder is completed.

This is not advice. Just an analysis.

Comment: The right shoulder could potentially top out at $8800, and even bull up from there; however, most probably it will retrace to the bottom, and go up from there.
BTC just passed the 8500 resistance while the Dow Jones index is still bearish. I think that the players from that market pass their money to the BTC as an escape from loss. Because of that two markets action, the BTC price was pumped up.... This is just my speculation, but from my research after three days, the same pattern always happened. BTC down - NASDAQ up and vice versa. Current BTC market is not healthy and sometime wastes my time for making decision because TA is not played well at this moment.
a diagonal H&S pattern... I never see like that before... Hopefully it will work...
+1 Reply
Karltrado jeffryang24
@jeffryang24, I would say there are a lot of diagonal H&S patterns. I guess it‘ll hit 8500 and down it goes...
jeffryang24 Karltrado
@Karltrado, Now, it hit 8700... and break the 8500 resistance... Is it still bullish or bearish...?
Karltrado jeffryang24
@jeffryang24, I think still bearish. The general downtrend is not broken yet. But maybe it's just my wish to buy cheap @ 5600 :)
But the H&S was invalid. True that
+1 Reply
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