BTC: Head and Shoulders?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
About the BTC Head and Shoulders pattern: note that almost all the components of a Head and Shoulders is present in the chart.

What is missing? Just the confirmation breakout. Once we do not have the confirmation breakout, the Head and Shoulders pattern is not completed.

Observe that the price was being supported by by the "neckline" and, today, BTC is being negotiated ABOVE EMA 50.

If the price remains above EMA 50 and if we have a close above 12.5k in the coming days, then we may see BTC gaining momentum to a new annual high.

On the other side, if BTC lost the support of the "neckline", then the price may fall below 7k.


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