While just looking at the weekly gold chart, it suddenly hit me that the pattern has a striking resemblance to the Bitcoin daily one. This is just an observation, I don't actually believe it is following it and think Bitcoin will go down to test $3000 big resistance level. There will be a chart soon about all the support and resistance levels on the Bitcoin monthly chart for long term reference use.
Is this pattern called anything or simply a pattern? Is it important? Is Bitcoin following gold?
An inverted head-and shoulders pattern. Watch the volume for conformation...
fifty2kph
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@Peter101, I think that after the last down move, the chances of that materialising are pretty small, right? Too much overhead resistance. But ya, gotta break that line for confirmation that we can indeed call it an inverse h & s.