BTCUSD H&S was finished on a larger timeframe scale

Although we expected finishing of patter in the Short term at the 1-hour timeframe scale, it took much longer to complete it. At the 3 days time frame we see a clear H&S is formed. This is the update to the previous trading idea. The price dramatically went down to the mentioned level.

To drastically change the direction of movement, bears was need to push the price below the level of $6 895 and this have happened

Today in the social media appeared post of Ripple CEO Brad Garlinghouse. He claims that he believes that Fiat in the short term will still be relevant. He considers "senseless" a probable replacement of the usual money with crypto-currencies. This also adds negative background to the situation

In the short term we expect u subsequent drop to the $6 100 area. Then there is a great probability of going breaking through the support line and consolidating around $5 745 where there can be a rebound and new uptrend will start

Traditionally Bitcoin price drop pulled down the vast majority of alt coins. At the CoinMarketCap we can see red market for all alts except for USDT

Stay tuned!

Sincerely,
SkyRock Signals Team

Комментарий:

Price is very close to finish H&S pattern so there will be a sharp decline in the following 3 days