soswijk
Short

Bitcoin head and shoulders pattern

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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2
207 2
I am relatively new to technical analysis , but I wanted to share my opinion on this matter and get some information on what you think of the chart.
From my point of view bitcoin is forming a head and shoulders pattern, indicating it should tend to get even lower.

However my question on this is whether it would touch the support around 12000 or drop even lower into the 8k regions.
It broke through the support around 13k at the moment.

I also found an Elliott Wave in the chart, which could mean that this is the last leg of the btc correction.

I would be pleased to hear your opinion on this matter.

Kind regards.
you are right on everything, but this H&S have been spotted one week ago :) I think support around 11-12k should stand and expecting a decent rebound soon.

keep up the good work ! , following you and adding this chart in the updates of my december 17 idea : ( read all the updates at the end ).
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soswijk neofutur
@neofutur, thanks for the information!
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