BITCOIN … FLIRTING WITH DANGER & THE AUD$1 BET.


Bitcoin’s daily and weekly charts are one mighty Head-and-Shoulders formation.
 
If the neckline breaks by more than 3%, then Bitcoin can drop below USD$10,000. And why not? After all, when Bitcoin was trading about USD$64,000 and forming the Head, the experts were calling Bitcoin to hit USD$500,000 any time soon! Bitcoin briefly touched the Neckline at USD$29,000, but bounced and now trades about USD$35,600.
 
HEAD AND SHOULDERS FORMATIONS
 
Left Shoulder – a strong rally, climaxing an extensive advance, followed by a minor recession.
 
Head – an intensive advance follows which reaches a higher level than the top of the left shoulder and then another reaction which takes prices down to somewhere near the bottom level of the preceding recession but below the top of the left shoulder.
 
Right Shoulder –a third rally which fails to reach the height of the head before another decline sets in.
 
Neckline – Finally, decline of prices in this third recession down through a line, the ‘neckline’, drawn across the bottoms of the reactions between the left shoulder and head and the head and the right shoulder, respectively.
 
 – a close below the neckline by approximately 3% of the stock’s price.
 
PS
Neither long nor short. The interest in Bitcoin is a sporting wager of AUD$1 with a friend.

USD$130,000 I loose. USD$10,000 I win.


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