mrmw
Short

Huge drop possible for BTC if short-term history is an indicator

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC completed a Head & Shoulders today.
Looking at the previous 20% drop from the last Head & Shoulders , we could see a drop down to the 9k support level and even the 7k support level before the end of this month (August).
No no no no
gead and shoulder forms during an uptrend, not after a downtrend
get your basics straight
+1 Reply
mrmw Maped
@Maped, From my perspective the bottoms have been in an uptrend since 3k. Staying above 9.8k for the next few days would be bullish though.
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@mrmw, By uptrend I mean just before the pattern, not the global price action
before your H&S begins, it's a downtrend price action, so it's not valid
Do you understand it better this way ?
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mrmw Maped
@Maped, Thanks, I understand now :) I look forward to learning more from you! Please let me know if you have any feedback on my future ideas.
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