Bitcoin Is At A Critical Juncture

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A visual representation of the digital Cryptocurrency, Bitcoin is displayed in front of the Bitcoin … [+] course’s graph of Coinbase cryptocurrency exchange. (Photo by Chesnot/Getty Images) After peaking at $63, 503 on April 13 this year bitcoin has fallen just over 50% to approximately $30, 700 today. It is still up 6% for the year but has been in a steady downward trend since it tried to rally in the late April to mid-May timeframe and failed to make a new high.

There are two technical patterns that show bitcoin is at a critical juncture. Head and shoulders StockCharts. com describes a head and shoulders pattern as, “the Head and Shoulders reversal pattern is made up of a left shoulder, a head, a right shoulder, and a neckline.” It adds, “A Head and Shoulders reversal pattern forms after an uptrend, and its completion marks a trend reversal. The pattern contains three successive peaks, with the middle peak (head) more...