Bitcoin Is At A Critical Juncture

Bitcoin Is At A Critical Juncture

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) being the highest and the two outside peaks (shoulders) being low and roughly equal. The reaction lows of each peak can be connected to form support, or a neckline." As can be seen in bitcoin's chart there was a heads and