Bitcoin in Trouble AGAIN.
Updated
Bitcoin is forming a beautiful textbook head and shoulder pattern and has exited the bullish trend channel I talked about in my past idea. We have to watch the price action really closely along the first support line on the 0.618 fib level, if this is broken we will see all hell break loose.
What is a head and shoulder pattern?
https://www.luckscout.com/wp-content/uploads/2013/01/head-and-shoulders-pattern.jpg
Macd just crossed over in almost all time frames, and is bearish.
We can see the projected downtrend in the white lines that extend at the bottom of the right shoulder, we will see some bouncing action on the fibs and supports that are drawn as it can't go straight down. Also look at the left shoulder and observe how it bounced on the same support channel a couple of times before breaking through.
What is a head and shoulder pattern?
https://www.luckscout.com/wp-content/uploads/2013/01/head-and-shoulders-pattern.jpg
Macd just crossed over in almost all time frames, and is bearish.
We can see the projected downtrend in the white lines that extend at the bottom of the right shoulder, we will see some bouncing action on the fibs and supports that are drawn as it can't go straight down. Also look at the left shoulder and observe how it bounced on the same support channel a couple of times before breaking through.
Note
BTC just did a golden crossover on SMA50 and SMA200
What is a golden crossover?
bigtrends.com/wp-content/uploads/2015/11/death-cross-golden-cross.png
What does this mean?
Since there is barely any present volume, we will probably still see a lot of blood but considerable less than before. Because of this I would go with more conservative sliced accumulations.
Note
Bitcoin is literally following textbook lessons :)
stock-trading-infocentre.com/images/bull_bear_flag.jpg
Note
A pattern is a self fulfilling prophecy only if volume comes in. Indicators tell me we're still on track.
Note
Everything seems to be on track.
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