Quick update on the BITCOIN situation;
A nice Head and Shoulder pattern is forming on the hour chart and price has dumped as a result.
Right now we are at a cross-road, if the support area (in purple) breaks then we will probably head down to the yellow support line, if that line breaks too then we could see a move further down to $1800 or $1200 and this would probably trigger a longer bear trend.
If this scenario plays out then cash will be your best friend as all cryptos will probably lose their $ values (yes that includes Ethereum).
However, if support holds we could see BTC bounce back up to the $2600 area and retest the descending trend-line (in red).
Trade safe,
