BTC Head and Shoulders and the Big Bad Break Down !

9 kwi 2018

Good morning. This chart is a follow-up to the chart I posted last night. I backed out so you could have a look at the bigger picture. The ABCDE count inside the rising wedge was pretty spot on. There was also a small double top to confirm at the top of the wedge and you can see the price action that came next. This now looks like a large Head and Shoulders pattern with the right shoulder finishing up in a rather violent manner. A lot of people must have been stopped out last night as well as more short sellers getting in at the top of the wedge. Either way, it looks like this fake break out may be over for awhile. Short term target remains around 6K for the well anticipated "double bottom" perhaps followed by over zealous selling for the REAL bottom when that fails to hold. Push the play button often to see how this chart unfolds. And give me a thumbs up if you appreciate the effort to share. : D

Happy Trading!