As you can see on the daily chart below, Bitcoin finally took out the declining 50-day moving average Thursday.
This is something I have been wondering: Is Bitcoin forming a bullish head and shoulders pattern? Let me show you.
Currently, Bitcoin is forming the right shoulder. The neckline runs near 11700, and a buy signal will be flashing if Bitcoin moves above the neckline. If that happens, Bitcoin may go up as high as 17200.
