Bitcoin Forming a Head and Shoulders Pattern?
Is Bitcoin Forming a Head and Shoulders Pattern?
The head and shoulders pattern is a technical analysis tool that is used to predict market reversals. The pattern is created by three price peaks, with the middle peak being the highest and the two outside peaks being lower.
The head and shoulders pattern is considered to be a bearish reversal pattern, which means that it is typically found during downtrends and is used to predict that the market will continue to move lower.
The head and shoulders pattern is created when the price forms two higher highs followed by a lower high. This lower high is considered to be the head, while the two higher highs are considered to be the shoulders.
NOTE: WARNING: It is important to note that Bitcoin does not follow traditional market patterns. Therefore, it is not possible for Bitcoin to form a head and shoulders pattern, as this is a pattern seen in stock markets. Trading in Bitcoin can be risky and unpredictable, so it is recommended that investors exercise caution when making any investment decisions.
The head and shoulders pattern is confirmed when the price breaks below the neckline, which is created by connecting the lows of the two outside peaks.
The head and shoulders pattern can be found on any time frame, but it is most commonly used on longer-term charts such as daily or weekly charts. The pattern can also be applied to other markets besides just stocks, such as commodities, currencies, and even Bitcoin.
Bitcoin has been in a downtrend since December of 2017, when the price reached its all-time high of nearly $20,000 per coin. Since then, the price has been falling steadily and has recently found support around the $6,000 level.
However, it appears that Bitcoin may be forming a head and shoulders pattern on its weekly chart.
The left shoulder of the pattern formed in March of 2018 when the price reached a high of $11,700 before falling back down. The head of the pattern formed in June of 2018 when the price reached a high of $13,880 before falling back down.
And finally, the right shoulder of the pattern appears to be forming now as the price has once again reached a high of $13,880 before falling back down. If this pattern plays out as expected, then we could see Bitcoin continue to fall lower towards the $5,000 level or even lower over the next few months.
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When it comes to Bitcoin, there are a lot of different opinions out there. Some people believe that it is a revolutionary new currency that will change the world, while others believe that it is a bubble that is bound to burst. However, there is one group of people who are looking at Bitcoin from a different perspective – they believe that it is following the Wyckoff pattern.
