"Head and shoulders forming?" by trader jdm1714 — published December 26, 2014

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Bitcoin / U.S. Dollar (BITFINEX:BTCUSD)

BITFINEX:BTCUSD Bitcoin / U.S. Dollar

There's a long resistance line that price has failed to break. I suspect that it will not break through this time either as Stoch RSI and MACD will be timed perfectly for another drop.

FFS, people, why don't you get it? A H&S is a REVERSAL pattern, not a continuation pattern! You don't draw a bearish h&s if it's after a downtrend!

MoonTrader

Correct. That is why I have my prediction stopping at roughly 300. That is the next major support line beyond 315. I was just stating that it resembles a H&S.

jdm1714

Ok, but it's pointing the wrong direction.

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