Bitcoin Head and Shoulders appears to be forming. We must only wait for confirmation and possibly a small bounce before this downward movement of -15% begins with a target of $9100. We may hover with some FOMO putting us down as low as $8300. After the target in the 8-9k range, we should see the hard bounce move us back up with a target of 
54K by Feb 20th or Mar 1st 2018.
54K by Feb 20th or Mar 1st 2018.Note
This shoulder is pretty much confirmed.. Down we go.. hold on!Note
Progressing well, 99% of coins are in the red.. good buy opportunities coming up before Wednesday morning when the reviews are released on the top coins.Note
I'm not sure if we are done with this retest of the 9000 range. May take another day or so.Note
1h charts show that we've made multiple attempts to break out of the current downtrend. It also shows that we have a triangle that may be ready to be broken as early as tomorrow. This could come together if the crypto ratings announcement comes out in a positive light for bitcoin.However, if the crypto ratings come out in a negative light, it could drive Bitcoin and many other coins down.
Glancing over ETH movement over the past week/month, tells me that ETH is on fairly strong footing, but is also affected slightly by negative BTC movement. This is telling me that ETH is gaining some traction, possibly due to the number of alts, ICO's and tokens based upon ETH.
Note
1d shows we are at the top corner of the large bullish flag (yellow rectangle). This flag may be extended if we continue the downtrend, but it is by no means the end. However, if we break out of this flag, then we will show some good positive movement upward. We will need at least 25% positive movement to break above $15k in order to confirm that we have broken the flag and we are beginning the rally to $54k.Give it a few more days and let's see where this goes. Could be interesting.
Note
I think Ron called it well. Looks like we're going up, see if we go into harmonic mode and bounce a little to create an inverse H&S which will further help these gains.Note
15m shows we might be on track for 
12K in the next couple hours. Depends on the resistance in other timelines.Note
Now for the inverse head and shoulders if we break above the neckline, which we are very quickly approaching. Target +36% to $16,000 in 24 hours or so.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.