(BTC) Alert: Forming Head and Shoulders Pattern!😱
Bitcoin (BTC) is currently displaying a head and shoulders pattern on the 2-hour timeframe. Confirmation of this pattern requires a candle to close below the neckline. If this occurs, there is potential for a nearly 13% drop in accordance with the pattern. We are eagerly awaiting the next 43 minutes for the candle to close to assess the situation. Stay tuned for further updates.
Comment:
#Bitcoin made a strong move to the downside, which was expected and dipped down to the Major Support Zone, the price still holding it but the neckline is working as a resistance. Price should strongly bounce from here, but the Daily Candle closing was below the zone would be a matter of concern, so keep an eye on it.
#Crypto
#Bitcoin made a strong move to the downside, which was expected and dipped down to the Major Support Zone, the price still holding it but the neckline is working as a resistance. Price should strongly bounce from here, but the Daily Candle closing was below the zone would be a matter of concern, so keep an eye on it.
#Crypto
Comment:
After touching the major support at 40,000, BTC is now trading near 41,800. It's hard to determine if the downtrend has ended?
There's a significant resistance zone from 42,700 to 43,500, and another from 43,200 to 43,900. If these big resistances break with volume, BTC has a chance to reach the 44,000 to 44,700 zone, facing another significant resistance before heading towards 46,000 to 47,000.
If the support is broken, it could lead to a drop towards 38,000, then 35,000, and finally 33,000. The market structure is currently bearish, but on a lower timeframe, it seems to be turning bullish. The price is also building liquidity below the support, which could lead to a market sweep soon. It's advisable to wait for further price development, and shoring would be a good option in case of a break and close below the support.
#Crypto #Bitcoin
After touching the major support at 40,000, BTC is now trading near 41,800. It's hard to determine if the downtrend has ended?
There's a significant resistance zone from 42,700 to 43,500, and another from 43,200 to 43,900. If these big resistances break with volume, BTC has a chance to reach the 44,000 to 44,700 zone, facing another significant resistance before heading towards 46,000 to 47,000.
If the support is broken, it could lead to a drop towards 38,000, then 35,000, and finally 33,000. The market structure is currently bearish, but on a lower timeframe, it seems to be turning bullish. The price is also building liquidity below the support, which could lead to a market sweep soon. It's advisable to wait for further price development, and shoring would be a good option in case of a break and close below the support.
#Crypto #Bitcoin
Comment:
🚨 I have given you the heads up, and I hope you took precautions.
It wasn't a surprise here! 😉
It wasn't a surprise here! 😉
Comment:
#BTC broke out of the downtrend channel pattern and underwent a retest. The price exhibited an unhealthy breakout, which doesn't seem reliable at all. Moreover, it needs to break above the major resistance to confirm a bullish structure. Currently, it's stuck in a range, so it's advisable to wait for a healthy breakout on either side.
If it retests successfully, Then potentially it may drop by almost 13%.
To invalidate this pattern, we need a candle to close above the neckline.
Stay tuned; I will keep updating