http://www.investopedia.com/terms/h/head-shoulders.asp
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Topic: [2016-02-19] Bitcoin Technical Analysis for 2/19/16 – Double Cross (Read 448 times)
February 19, 2016, 08:00:18 AM
February 19, 2016, 12:03:19 AM
Bitcoin is currently trading at $421 in a bullish market after an intraday high of $425 and a low of $415. In our last technical analysis we indicated that the Bitcoin market was exhibiting a few prominent patterns which shouldn’t go unnoticed. One pattern we indicated was the head and shoulders formation which signaled an upcoming price increase. This recent price hike from the $380 levels to the current $420 validated the technical indicator:
Chart from bitcoinwisdom.com
An interesting observation worth taking note of is the relation between the amount of active users on Bitcoin’s most popular subreddit r/Bitcoin and Bitcoin’s price. This chart from cryptocompare showcases a potential relationship:
Chart from cryptocompare.com
We can see a subtle pattern where the amount of active reddit users rises as bitcoin’s price climbs. Furthermore, we can see on Feb 09 that the amount of active user’s reached a peak last seen Jan 28th. This peak seemed to be a foreshadowing for the rally which began the same day. The amount of active users on a subreddit alone should not be the basis to make a decision on a trade, however it is important to take that data into account as there is a relationship with the market.
Read More: http://themerkle.com/technicalanalysis/bitcoin-technical-analysis-for-21916/
Chart from bitcoinwisdom.com
An interesting observation worth taking note of is the relation between the amount of active users on Bitcoin’s most popular subreddit r/Bitcoin and Bitcoin’s price. This chart from cryptocompare showcases a potential relationship:
Chart from cryptocompare.com
We can see a subtle pattern where the amount of active reddit users rises as bitcoin’s price climbs. Furthermore, we can see on Feb 09 that the amount of active user’s reached a peak last seen Jan 28th. This peak seemed to be a foreshadowing for the rally which began the same day. The amount of active users on a subreddit alone should not be the basis to make a decision on a trade, however it is important to take that data into account as there is a relationship with the market.
Read More: http://themerkle.com/technicalanalysis/bitcoin-technical-analysis-for-21916/
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