jl1998
Short

BTC Head and shoulders

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Head and shoulders has clearly formed on BTC daily. Using the theory that the drop from the neckline break is equal to the difference between the peak of the head and the neckline, I expect price to drop to around 6600. This is coincidentally, around the same price where the most recent low sits, so there could be some strong support there.


price may bounce back up to around 7.8k from current levels (7.5k) as RSI approaches 30. Once this occurs, if the head and shoulders continues to play out, we may reach 6.6k levels once again.

A breakdown to 6.4k would result in the long term upwards trend line from november 2017, to be broken. With the strong support at 6.6k, I'd expect a bounce off those levels back towards the trend line and the resistance levels around 6.9k. From there, lack of volume suggests we may drop further to the support at 5.9k
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