asuban

BITCOIN HEAD AND SHOULDERS

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is forming the head and shoulders pattern which indicates reversal in trend. Volume is decreasing and RSI is in downtrend. This support the H&S pattern.

In the bigger picture we are in wave 5 of elliott wave (link of my analysis is bellow). I think that correction is near. I'm staying in cash for now. I will quote one of the best traders I follow here (goldbug1) "cash is king in time of market correction".

I would look for the opportunity around support levels (orange and blue lines). Good luck.

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Comments

I think someone's shoulder just got blown off. Hope you didnt short mate
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asuban usablewifi
@usablewifi, sometimes this happen, I sold in the head already. Some in alts, some in cash. Risk is to high at this point. And this move from 5700 to 6200 is the same as LTC goes from 52 to 57 usd in %. So no regrets here. GL.
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