Traders, here we are looking at the 2 hour chart of Bitcoin. Clearly the head shoulder formation can be seen. If BTC breaks through the neckline we could go much lower with a target of 43.000 where is strong support waiting.
Another scenario is that BTC froms a falling wedge and that in turn is Bullish. This would invalidate the H & S pattern and you could see a very strong move to the upside. Failed patterns see often sharp moves in the opposite direction.
Currently, it is a matter of waiting to see how this structure continues to form. As long as Bitcoin is in this state, the rest of the coin market will be nervous.