Ominous price pattern for Bitcoin
It looks as though bitcoin is forming a head and shoulders pattern. The pattern will be confirmed if price breaks decisively below the neckline, perhaps somewhere in the $12,500 level. If this does indeed play out, a potential target would be the $6000 level.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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The volume does not confirm this pattern.
Only price pays. Volume is of secondary importance ;-)