Longer term view of the Bitcoin market vs the US Dollar.
We can see the classic H&S (Head and Shoulders) candlestick pattern on the 1Day. If we close below 13k before the 1st of Jan 2018 it will be one of the first big bearish signals on the market in a while.
My second longer term bear signal is that of the PPO which has once again turned negative and joining the previous down trend line on the PPO.
Momentum is clearly against the bulls at this point but there is quite a good fight being put up between 12k and 13k, which gives me hope for some nice sideways price action going into the new year.
The bulls will have to push it past 16 100 to get my attention, and on the flip side watch out for 12k – 13k, should they fail there will be more blood on the Bitcoin streets.
Very long term we are still increadably bullish on the BTC market. In my personal opinion this is a very healthy correction and should we stay above 12k it is business as usual in BTC land!