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A Trader's Take: Head & Shoulders Above The Rest

It's the day after a bloody Christmas fall for Bitcoin, so let's take a look at what the chart is telling us as the new year rolls in. 

Throughout the year, Bitcoin was making lower highs and higher lows, which developed into a wedge pattern, a sign that usually portends large price moves in either direction. As we know, this broke down, but as of now, a bottoming pattern is developing – an Inverse Head and Shoulders. 

Back in the summer of 2018, a similar pattern developed, which led to a $2k rip in Bitcoin. Can this happen again? Is Bitcoin carving out a bottom? Can it retrace back to the $5.5-$6k level?

 

Stay tuned. 

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