Bitcoin Price Analysis: BTC/USD Bearish Reversal Pattern

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Bitcoin could be done with its climb as it formed a head and shoulders pattern on its 1-hour time frame. Price has yet to break below the neckline to confirm that a selloff of the same height as the formation is due.

Note that the chart pattern spans around $9,800 to $10,500 so the drop could last by $700 to $9,000. The 100 SMA has crossed below the 200 SMA to confirm that bearish momentum is picking up or that support is more likely to break than to hold.

Stochastic is also turning lower…

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