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tyler_sim

BTCUSD Head and Shoulders Top

Short
Bitcoin (BITSTAMP:BTCUSD)  
tyler_sim  
BITSTAMP:BTCUSD   Bitcoin
Chart Patterns Trend Analysis BTCUSD BTC Bitcoin (Cryptocurrency) headandshouldersformation hns Bearish Patterns SPDR S&P 500 ETF (SPY) QQQ
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chartpattern trendanalysis btcusd btc bitcoin headandshouldersformation hns bearish spy qqq
Seeing a very well-defined Head and Shoulders topping pattern on BTC now. The 200 SMA is also rolling over now in combination with a clear head and shoulders, making this a very bearish setup. You'll be hard-pressed to find a H&S pattern this well-defined in recent years for BTC. Totally coincides with the top in the indices I noted recently. Given the y-axis on the chart, I wouldn't be shocked if BTC lost 2/3rds of its valuation over the next few months/quarters. This is a season for protecting gains, not making new ones.

Opinion only, not financial advice.
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