ninjabenja
Short

Head and Shoulders forming

BITSTAMP:BTCUSD   Bitcoin / 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 (https://www.tradingview.com/v/drJjr4Z3/) - 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: http://www.chartpatterns.com/headandshoulders.htm
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