The recent slump in Bitcoin over the last few days has been considerable, however based on the Bitcoin's trading history volatility this is quite normal.
However the trading pattern currently in place suggests 2018 may be different this year as the crypto takes a breather from 2017 epic run.
Head & Shoulders Pattern About To Be Confirmed
Based on the 3 lighter circles on the chart below you can see the head and shoulders pattern forming. The final confirmation for this trading set up is a close below the support or neckline also marked on the chart below.
At the time of this post the price action of Bitcoin is sitting below this support level / neckline shown in the darker circle drawn.
If the price action confirms this pattern there is a high probability that Bitcoin would of seen its best prices moves in 2017 where it reached its all time records around USD $20,000.
If this is correct and Bitcoin's troubles continues will the weakness continue to drag down Altcoins especially the majors like Ripple, Ethereum and Litecoin or will they gain market share as their block chain technology surpasses Bitcoin?
Chart info supplied from https://bitcointicker.co/