J_Graystone
Short

BITCOIN Head & Shoulders Pattern

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
831 2 13
Seeing the fear driven sellers some into this market has created what is known as a "head and shoulders" pattern.
This is a very successful reversal pattern in many other markets and although we haven't had the sample size of data due to the nature of this young market, it will be very interesting to see if we hold the test of the neck line once broken.
We know as technical analysis's that support should become resistance and as long as the right shoulder is not violated, we could see a confirmed reversal here.

Keep your eyes on it.

Comment: Neck Line violated and we are seeing some consolidation which represents further indecision. Will be waiting patiently to see what happens next
Love the analysis Jason. Thank you.
Though I don't particularly pay attention to this instrument for various reasons, a friends interest has given me cause to do analysis on this as well.
While admittedly there is some confirmation bias at play here, I'll take it especially when the confirmation is from a proven mentor and teacher as yourself.
So glad I get to learn from you.
Let's see if price action meets expectations in this market.

I trust you had a wonderful Christmas and wish you a spectacular, prosperous and fulfilling 2018 trading year and more.
+1 Reply
@scorpiousg, thanks! Same to you and yours!
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