Bitcoin Chalks Out 'Head and Shoulders' Pattern
Although not classically meeting the textbook criteria from technical analysis of a head-and-shoulders pattern, price action since March 19 has painted an extreme high with flanking lower highs, Valkyrie's analysts said.
Analysts at alternative asset management firm Valkyrie Investments are closely monitoring what looks like a bearish head-and-shoulders (H&S) pattern on Bitcoin's (BTC) daily chart.
The popular technical analysis pattern is characterized by two rallies or shoulders flanking a bigger one, representing the head. Chart analysts see it as a sign of an impending bullish-to-bearish shift in the market trend, with traders often taking bearish bets once prices drop under the trendline connecting the first and second troughs.
So, What do you think of this pattern?
Same ideas or different opinions?