Bitcoin Head and Shoulders Top? Watch This Support Level!

Last November, we highlighted a cup and handle bullish pattern on Bitcoin that served as a base for a big rally. All together, Bitcoin rallied from roughly $4,000 last March to $64,000 this April! Wowsers!

BUT… since peaking in April, Bitcoin has fallen over 50% to roughly $29,000. Cryptocurrency trading isn’t for the faint of heart!

This brings us to today’s long-term “weekly” chart of Bitcoin and the potential for a topping pattern that could lead the cryptocurrency lower yet.

As you can see on today’s chart, Bitcoin has been in a long-term rising bullish channel marked by each (1). As well, we have a significant high and low within the channel at each (A). Using applied Fibonacci, we can see that the 29,000 level at (2) is the 161% Fib. This also marks the lows of the recent sharp decline.

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As well, a pattern with the rough sketch of a head and shoulders top has taken shape. I have no idea if this is a true head and shoulders top… but, I do know that the recent lows and the 29,000 level are critical support for Bitcoin.

What happens here will determine Bitcoin’s next move. Stay tuned!

Bitcoin “weekly” Price Chart

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