lewistz

BTC - Head and Shoulders - be prepared for the Short

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC head and shoulders formation. Signaling trend reversal. The moment is coming. As I stated in previous analysis in my view BTC will not full correct until we get through Segwit2x, the chart is playing nicely into this timing of Nov 15-16 start of correction. A week seems a long way away now though. Perhaps BTC slips sideways range bound until then or makes another reach higher, but I think it will fail at 7,350-resistance level. I think ultimatly we will see correction to Fibonacci retracement level of .382 ( 5,700-5,800) or lower. This is an exciting week to trade BTC and other alts.
Comment: Well segwit2x cancel made this trade happen a week early. I think the artificial support of segwit2x now being gone correction and normal technicals back in play. Look for correction to 6500 perhaps 5800 in a few days time. BTC usually corrects hard and fast.

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