Triple top on BTCe and head & shoulders on Bitstamp/huobi/btcchi

BTCE:BTCUSD   Bitcoin / U.S. Dollar
Previously I have covered on the triple top on the 30 minute trend which suggest a further decline down to $620.

Now that the decline have been completed, coupled with a rally yesterday. A closer look into a 2 hour trend does suggest another triple top on BTCe, whereas head + shoulders on Huobi/BTCChina/Bitstamp.
Both formation will most likely lead to another further decline in price down to the 560s.


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IMHO,a price decline below $600 would be out of character. I don't think it will break below $600. That, itself, would be a 10-12% correction from the recent highs, about the same as it was at this stage in the last BTC recovery cycle. Not saying I would mind, but it would concern me.
+1 Reply

Further confirmation by RSI on the 4h
+1 Reply
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