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Bitcoin Has a Head-and-Shoulders Mood Right Now

We recently discussed how bitcoin (BTC/USD) looked like it was going to remain in the correction/consolidation phase. As we wrap up the year, price action is looking even more bearish for the short-term (next week or 2).

BTC/USD 4H Chart

  • Price action reflects the "mood" of the market. 
  • At the moment, a head and shoulders type of mood is in the market. 
  • It's a more "civilized" type of correction as oppose to much sharper reversals. 
  • Note that as the market rounds out the second shoulder, we see another H&S type of price action.
  • This type of price action reaffirms the anxiousness of new buyers who are not long-term holders and are more likely jump right back out. 
  • In this kind of environment, we can anticipate further depreciation in price towards the 10K mark. 

Bitcoin Enters 2018 on a Bullish Note

Ripple (XRP/USD) Surges Past $1.00