{"id":386037,"date":"2019-06-14T00:00:29","date_gmt":"2019-06-14T00:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=386037"},"modified":"2024-06-11T13:44:08","modified_gmt":"2024-06-11T13:44:08","slug":"bitcoin-may-be-forming-a-bearish-head-shoulders-pattern-but-heres-why-it-doesnt-matter","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-may-be-forming-a-bearish-head-shoulders-pattern-but-heres-why-it-doesnt-matter\/","title":{"rendered":"Bitcoin May Be Forming a Bearish Head &amp; Shoulders Pattern, But Here\u2019s Why It Doesn\u2019t Matter"},"content":{"rendered":"<p>Bitcoin has been able to find some stability after rapidly surging back above the critical $8,000 level earlier this week, signaling that BTC\u2019s bulls are not yet ready to surrender to its bears, which means that further gains could be imminent.<\/p>\n<p>Although the possibility of further gains remains strong, some analysts are apt to note that Bitcoin does appear to be forming a notorious head &amp; shoulders formation that may favor the crypto\u2019s bears.<\/p>\n<h2><strong>Bitcoin Breaks Above $8,000, But Faces Resistance at $8,200<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2019\/05\/27\/bitcoin-closes-weekly-candle-above-8400-stage-set-for-9600-push\/\">Bitcoin<\/a> is trading up slightly at its <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">current price<\/a> of $8,170, up from weekly lows of just above $7,500 which were set last week.<\/p>\n<p>Over a one-month period, it is clear that Bitcoin is currently in a period of consolidation, as it has been oscillating between $7,000 and $9,000, mostly finding itself in the middle of this wide trading range.<\/p>\n<p>Although BTC\u2019s latest move up certainly appears to be bullish and has led many analysts to believe that a move up towards $9,000 is imminent, it may be slightly too early to celebrate, as the crypto may be in the process of confirming a bearish head &amp; shoulders pattern.<\/p>\n<p>Cred, a popular cryptocurrency analyst on Twitter, spoke about this technical formation in a recent tweet, noting that it is still slightly too early to label this formation as confirmed.<\/p>\n<blockquote><p>\u201c$BTC Looks like a H&amp;S top. Yes, it&#8217;s not &#8216;confirmed&#8217; until neckline breaks. Inexperienced traders still trade patterns too early. If neckline resistance breaks, a bunch of early shorts will be offside &amp; I expect trend continuation. Personally not rebuying $7.6k if breakdown,\u201d he explained while referencing the below chart.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a><\/p>\n<p>Looks like a H&amp;S top. Yes, it&#39;s not &#39;confirmed&#39; until neckline breaks. Inexperienced traders still trade patterns too early.<\/p>\n<p>If neckline resistance breaks, a bunch of early shorts will be offside &amp; I expect trend continuation.<\/p>\n<p>Personally not rebuying $7.6k if breakdown. <a href=\"https:\/\/t.co\/zT8iqZ0cD1\" rel=\"nofollow\">pic.twitter.com\/zT8iqZ0cD1<\/a><\/p>\n<p>&mdash; Cred (@CryptoCred) <a href=\"https:\/\/twitter.com\/CryptoCred\/status\/70667264?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Analyst: Head &amp; Shoulders Formation May Not Matter<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Although the confirmation of this pattern could lead to a sharp price drop for <a href=\"https:\/\/wncen.com\/2019\/05\/28\/analyst-bitcoin-bull-market-confirmed-by-this-technical-indicator\/\">BTC<\/a>, it is important to note that not all analysts agree of the long-term importance of this type of technical formation.<\/p>\n<p>The Wolf Of All Streets, another popular analyst on Twitter, recently explained that even if Bitcoin does form this type of technical formation, it may actually be a \u201cfakeout,\u201d similar to that seen in the Dow Jones Industrial Average over the past couple of months.<\/p>\n<blockquote><p>\u201cTo everyone shorting $BTC because they think that a Head &amp; Shoulders MAY form, here is a much clearer H&amp;S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&amp;S, you may have this to look forward to,\u201d he said, referencing the below chart.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">To everyone shorting <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> because they think that a Head &amp; Shoulders MAY form, here is a much clearer H&amp;S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&amp;S, you may have this to look forward to. <a href=\"https:\/\/t.co\/BEwV4SQyvo\" rel=\"nofollow\">pic.twitter.com\/BEwV4SQyvo<\/a><\/p>\n<p>&mdash; The Wolf Of All Streets (@scottmelker) <a href=\"https:\/\/twitter.com\/scottmelker\/status\/83400960?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Although it remains unclear as to whether or not BTC will actually end up forming this type of <a href=\"https:\/\/wncen.com\/2019\/05\/17\/venture-capitalist-improved-fundamentals-will-help-bitcoin-rocket-towards-its-all-time-highs-in-2019\/\">technical formation<\/a>, it is important for traders to understand that it may not have a long-term impact on the cryptocurrency\u2019s upwards momentum.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been able to find some stability after rapidly surging back above the critical $8,000 level earlier this week, signaling that BTC\u2019s bulls are not yet ready to surrender to its bears, which means that further gains could be imminent. Although the possibility of further gains remains strong, some analysts are apt to note that Bitcoin does appear to be forming a notorious head &amp; shoulders formation that may favor the crypto\u2019s bears. Bitcoin Breaks Above $8,000, But Faces Resistance at $8,200\u00a0 At the time of writing, Bitcoin is trading up slightly at its current price of $8,170, up from weekly lows of just above $7,500 which were set last week. Over a one-month period, it is clear that Bitcoin is currently in a period of consolidation, as it has been oscillating between $7,000 and $9,000, mostly finding itself in the middle of this wide trading range. Although BTC\u2019s latest move up certainly appears to be bullish and has led many analysts to believe that a move up towards $9,000 is imminent, it may be slightly too early to celebrate, as the crypto may be in the process of confirming a bearish head &amp; shoulders pattern. Cred, a popular cryptocurrency analyst on Twitter, spoke about this technical formation in a recent tweet, noting that it is still slightly too early to label this formation as confirmed. \u201c$BTC Looks like a H&amp;S top. Yes, it&#8217;s not &#8216;confirmed&#8217; until neckline breaks. Inexperienced traders still trade patterns too early. If neckline resistance breaks, a bunch of early shorts will be offside &amp; I expect trend continuation. Personally not rebuying $7.6k if breakdown,\u201d he explained while referencing the below chart. $BTC Looks like a H&amp;S top. Yes, it&#39;s not &#39;confirmed&#39; until neckline breaks. Inexperienced traders still trade patterns too early. If neckline resistance breaks, a bunch of early shorts will be offside &amp; I expect trend continuation. Personally not rebuying $7.6k if breakdown. pic.twitter.com\/zT8iqZ0cD1 &mdash; Cred (@CryptoCred) June 13, 2019 Analyst: Head &amp; Shoulders Formation May Not Matter\u00a0 Although the confirmation of this pattern could lead to a sharp price drop for BTC, it is important to note that not all analysts agree of the long-term importance of this type of technical formation. The Wolf Of All Streets, another popular analyst on Twitter, recently explained that even if Bitcoin does form this type of technical formation, it may actually be a \u201cfakeout,\u201d similar to that seen in the Dow Jones Industrial Average over the past couple of months. \u201cTo everyone shorting $BTC because they think that a Head &amp; Shoulders MAY form, here is a much clearer H&amp;S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&amp;S, you may have this to look forward to,\u201d he said, referencing the below chart. To everyone shorting $BTC because they think that a Head &amp; Shoulders MAY form, here is a much clearer H&amp;S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&amp;S, you may have this to look forward to. pic.twitter.com\/BEwV4SQyvo &mdash; The Wolf Of All Streets (@scottmelker) June 13, 2019 Although it remains unclear as to whether or not BTC will actually end up forming this type of technical formation, it is important for traders to understand that it may not have a long-term impact on the cryptocurrency\u2019s upwards momentum. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":385897,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-386037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin May Be Forming a Bearish Head &amp; Shoulders Pattern, But Here\u2019s Why It Doesn\u2019t Matter<\/title>\n<meta name=\"description\" content=\"Analysts are apt to note that Bitcoin does appear to be forming a notorious head &amp; shoulders formation that may favor BTC&#039;s bears, but it may not matter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-may-be-forming-a-bearish-head-shoulders-pattern-but-heres-why-it-doesnt-matter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin May Be Forming a Bearish Head &amp; 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