Bitcoin forming a short-term Head & Shoulders at $8,400

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hold on to your butts! We're not out of the woods yet boys and girls!

Yesterday was a nice unexpected short-term bull run when BTC bounced on the support at the 38.2 FIB retracement line. The support was tested and the bulls came through. What's odd was the trading volume didn't spike until several hours later when BTC settled at $8,800.

You can see we've drawn another upward bear flag and the support trend line was broken at $9,600. A potential short-term head and shoulders pattern is forming with the support levels at $8,400. If you decide to enter the game, the potential right shoulder may peak at $9,100. After the right shoulder is complete, if the support at the 38.2 FIB retracement line fails, we could see a quick drop to the 23.6% FIB retracement line and an eventual double bottom at our target of $6,400.

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