A possible head and shoulders pattern may be forming on Bitcoin. Short term if Bitcoin gets to 9300 and the level holds then the likelihood of a Head and Shoulders pattern completing becomes greater. We still have to contend with the upper sloping neckline which is typically less reliable than a pattern with a flat or downward sloping neckline. However, if we break the neckline the pattern becomes valid at 7970 and would imply a move to 6080.
Conversely, if we trade through 9300 and get past the October high of 10580 a cup and handle pattern becomes a possibility if we go on to trade through 10900. The implied move from this pattern completing would be 17350
Conversely, if we trade through 9300 and get past the October high of 10580 a cup and handle pattern becomes a possibility if we go on to trade through 10900. The implied move from this pattern completing would be 17350