If you are not familiar with theory, I will explain you what this pattern exactly means. According to theory, this pattern corresponds to a Trend change pattern, and it forecast (depending on the direction) an upward or downward movement equal to the height of the pattern´s head. If this pattern consolidates, and price breaks the neck of the pattern (12.500), we can expect a big drop in bitcoin´s price in next few days, which points to $6k target.
Additionaly, if we study devolpment throughout time, we can notice that in every peak of the pattern, has been decreasing, which supports the idea of a pattern formation.
Finally, I want you to know the reason of this post is to warn you about what can happen with bitcoin price and how it can affect all cryptomarkets total capitalization. shoulders pattern is not confirmed yet, however if price breaks the pattern´s neck you should be worried.
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