Head and Shoulders Breakout

Bitcoin formed a head and shoulders pattern over the last 2 months and just broke out. Above you can see the BTC Futures Chart. The volume confirms the pattern. Target would be around $8.3k.

On the bearish side: Usually, a rising confirmation line is a stronger reversal pattern than a decreasing neckline which we have formed. Furthermore, similarly looking chart patterns are the double top formations.

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Komentar:

Now it gets interesting. Bitcoin just below the upper pitchfork line which it has visited several times during the whole correction since earlier july - always got rejected. (Pitchfork breakout could mean change in trend.)

Komentar:

Bitcoin upmove could just be a bearish retest of the 200d SMA on the Futures, totally in line with hitting the head and shoulders target.

Komentar:

Target area of the a head and shoulders pattern got hit perfectly.