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Bitcoin: Head & Shoulders

BITFINEX:BTCUSD   Bitcoin / Dollar
A 'Head & Shoulders' is currently being formed in BTC/USD, it can be clearly seen on H4. This is a counter-trend formation, which may indicate the beginning of a retracement in the asset. The formation bill be confirmed once the line of the 'Neckline' has been violated, which is approximately at $6940. Once this level of support has been violated, it is usual for the asset to pullback to the same area, before resuming the bearish trend . The formation has a height (H) of $670 and it's expected that this distance will be replicated downwards once the neckline is broken, so it could go down to the support area indicated in the image, before continuing it's primary bullish trend .
Some negative fundamentals were expected to help confirm the 'H&S', such as the possible ban of cryptocurrencies by the Reserve Bank of India, so that the BTC/USD could break below the 'Neckline'. Since this news was not confirmed and there were no additional fundamentals, Bitcoin continues its upward trend without major setbacks.
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