BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Price is at a support/resistance level. A head and shoulders pattern is also formed. Look for sell signals in the sell zone. stoploss zone starts from the right shoulder and extends higher than the left shoulder. target#1 zone is limited by ab=cd measurement that is pretty common target method. target#2 is the standard height of the head target. If no reversals appear in the sell zone then no short positions should be opened. If price breaks the sell zone to the upside with a large expansion bar+follow through then buy positions should be considered. Good luck.
Comment: Looks like we consolidate around the neckline. Consolidations are kind of indecisions in the market. The best decision would be to close the position if you have any. Breakout of a neckline should look like a breakout, not like a consolidation:)

Comments

Nice although personally seeing this correction as complete

+8 Reply
RocketBomb Piggy_Profit
+6 Reply
Braveheart001 Piggy_Profit
I believe more downturns, Gracing to 10.5 K level. The price will eventually move back up.
+2 Reply
Alexander_Nikitin Braveheart001
@Braveheart001, anything can happen
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@Piggy_Profit, likewise. Headed back to gas up at $11,285 right now.
+1 Reply
Alexander_Nikitin UnknownUnicorn5320750
@UnknownUnicorn5320750, it doesn't look like a breakout of the neckline. no need to initiate short positions:)
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Still a newbie, Nice chart though
+4 Reply
@Success15, thank you for your comment
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i dont think it will dump that much
+2 Reply
@Rickking agreed. that would be very disappointing
+1 Reply