TradingView
LastBattle
Jun 6, 2014 1:33 AM

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

Description

Previously I have covered on the triple top on the 30 minute trend which suggest a further decline down to $620.

tradingview.com/v/5rIFiiI2/

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.

Head+Shoulders: tradingview.com/v/q3nV14D3/
Comments
MoonTrader
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.
LastBattle


Further confirmation by RSI on the 4h
More