breakout

Head and shoulder pattern breakdown on bitcoin

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.

You can follow me on twitter for the latest updates. Disclosure, short from 606 a few days ago. I am working on a trade module to keep track of my trades.