head and shoulder
We have a unconfirmed ugly head and shoulders on the hourly. A breakdown is short term bearish. This coupled with the fact that there are a lot of long bag holders on BTC futures, I am guessing further pullback is likely. Keep in mind that we are still bullish on larger time frames, just looking at the hourly.
Bitcoin market update:
Still in consolidation, I spotted a head and shoulder chart pattern yesterday and it broke down since. The target is 3065 on OKcoin or ~500-495 usd. I want to emphasize that all projections and patterns don't' work very well during times when volumes are low.
Classic head and shoulder pattern here. This could be a fakeout, if that is the case, bulls need to bid price above resistance to invalidate this pattern, prefarably with volume.
In the case that we do breakdown from here. The measured move target is 550 which is also a confluence point for prior low support. I think its likely we will get there if we keep dropping.
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