Bitcoin is in a struggle with the $8000 level. This week we fell to $6012 and then all the way up to $9067 on Bitstamp. Today we are back at $8009 up from $7826.
But look, we were at $7775 two days ago. And before that we turned at $8599 on Bitstamp. Does this look like a Head and Shoulder forming? If it is, we will go back to $8599-ish and then come all the way down again to below $7775. Ono! Hope I am wrong.
Look if you can see it on the chart from Bitcointicker.co below:
Here is Dan at the Chart Guys discussing the Head and Shoulder forming and his definition of a higher low.
Head and Shoulder pic from Wikipedia.org:
Source: https://en.wikipedia.org/wiki/Head_and_shoulders_(chart_pattern)
QUESTION: What do you think of the current bitcoin chart? Do you think there is a Head and Shoulders pattern forming?
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I thought that we had already formed a reverse H&S formation, which lead to the recent uptick in price. I assume we are currently in a small trend reversal. Maybe the 8K mark is going to be the next stop in this trend before we see any good days.
Wow, I did not see that @georgeargyrousis. Very interesting.
I think another leg down is probable. But it could bounce at $7xxx already if the bears have already wasted their ammo in the last leg down. Anyway, this volatility is great for traders.
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Interesting article! Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
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Reminds me of this
¯\_(ツ)_/¯
After hitting 4 hr supply we have our 1st lower low in 5 trading days. Price is sitting between 4 hr supply and 4 hr demand. If we break the 4 hr demand, we could see a re-test to $6000. Otherwise, price will move to the daily supply at $10000.
Time is the key. Trends changes with time.