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Short

Bitcoin H&S Formed, Parabola Broken, Bearish MA Cross

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
  • Bitcoin has formed a perfect head and shoulders pattern, which is a bearish pattern .

  • The parabolic advance trend seems to be broken, but waiting for further confirmation.

  • A bearish MA cross has occurred, with potentially another and more significant one coming up soon.

Based on these indicators, and taking into consideration no significant correction has occurred since climbing out of the bear market range ($3k - $13k), a healthy correction to $7.5-$9k range can be expected in the near future.

Furthermore, a entrancement to these levels allows for readjustment of the parabola, making the interim target of $100k more feasible.