Head and Shoulders forming

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
316 0 6
As with all patterns ( advanced             or otherwise), it is ill-advised to enter a trade based on what has yet to be confirmed. We wait until the pattern completes, then for the highest probability of success we look for confirmation. Confirmation of a continued bearish move lower will be a break of the "neckline" with increasing volume . Already being short since the 9,21 MA Cross ( - even through the uptick to 615 - what I'm watching for are signals that the market is moving against my position. So, far I haven't seen them. If this head and shoulders completes it will be a strong bearish signal.

I'll also add that price action has been doing things lately like I haven't see much before. On a wisdom 15 min chart it is apparent that something is trying like hell to keep price up. There is a bizarre amount of flat price action with the occasional heavy sell, only to have it bought up and held at the previous level. Very little buying is occurring currently. We are nearing the first auction of the US Marshal's 30k btc             , only days away on June 27th. It would seem that market makers are busy. A 100% retracement to $450 would not be surprising. Watch for a break of the neckline.

Pattern details:
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out