[Uptrend] Bitcoin - Leaving Inverse Head And Shoulders

18 Jun 2014

**UPDATE** **WE ARE NOW IN A DOWNTREND**

See: tradingview.com/v/P0GCDfGw/

With more information I can say that the green triangle was already the (short) uptrend after the inverse head & shoulders completed the right shoulder.

Because we broke through the neckline at 600 US Dollar, when Bolivia announced that they ban Bitcoin and meanwhile Bitcoin exchanges like BTC-E and Bitfinex have trouble with DDoS attacks on their service providers CloudFlare and Incapsula (and there are still discussions regarding the 51% issue with GHash) I expect a downtrend to follow. I fear the 600 US Dollar neckline turned from a support area into the new resistance zone.

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After falling down from around $675, we had a large inverse head & shoulders pattern, with a bottom at Bitstamp at $538 and a left shoulder at $550 and a right shoulder at $552.

We just completed the head & shoulders pattern with a retracement (pullback) to the neckline at $600.

Previously we tested the bottom of this trend 4 times, as I mentioned here:
tradingview.com/v/Oj5rjxsR/

-----------------------------Related Ideas---------------------------------------

I strongly agree with the "BULLS STILL CONTROL THIS MARKET" idea of ItisCalvin, which is currently the 'most agreed today' BTC chart on TradingView:
tradingview.com/v/uDbWeXFE/

Another good chart showing the major support was made by Low Pro:
tradingview.com/v/DF2Msi6n/

I also agree with the "BULLISH TRIANGLE TO 640" idea of LeMogwai, which confirms my theory. We are close to a breakout of his triangle - in my case - leaving the inverse head & shoulders pattern:
tradingview.com/v/ZXzdrMae/

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P.S. Here is a Youtube video that explains the inverse H&S chart pattern:
youtube.com/watch?v=QLU4wjmSS8k