Isaiahgr3

BITCOIN BEARISH SIGNAL

BITSTAMP:BTCUSD   Bitcoin
After just recently breaking out of a wedge pattern, BTC is traveling up the channel and is falling after hitting a recent top. Normally, I wouldn’t put much consideration to a head and shoulder pattern alone, but coupled with a breakdown in support for the RSI, one can’t help but sense a bearish outlook. I would watch the price at the 9700-10000 range as there is both a long and medium term support line at this level. Because of the head and shoulders pattern and RSI breakdown, I would expect a bearish medium term outlook. A fall past 9700 would cause me to be short BTC. A bounce at 10000 would cause me to remain neutral.

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