BTC has formed a Triple Top pattern, with a target of $50K
Hello everyone, it's been a while since I last posted anything. I've been busy, but I'm more active on X now. Let's analyze today's BTC/USDT pair on the daily timeframe.
1)BTC is likely to fall to approx $50K per coin as a triple top pattern has formed, and the horizontal support zone is becoming weaker and weaker.
2)When the price declined after 3 attempts and reached the horizontal support zone around $61K, BTC bounced again, but suddenly, it was rejected in the midpoint of the 67K resistance zone. This means that if the price doesn't have enough power to reach the peak of the pattern and is rejected before touching the next peak, after we test the support zone again, the price will likely break to the downside 🙂
3)Currently, the support zone for BTC at $61K has been breached, and we are observing lower lows and lower highs within the downtrend line, indicating a focus on the downside for prices.
1)BTC is likely to fall to approx $50K per coin as a triple top pattern has formed, and the horizontal support zone is becoming weaker and weaker.
2)When the price declined after 3 attempts and reached the horizontal support zone around $61K, BTC bounced again, but suddenly, it was rejected in the midpoint of the 67K resistance zone. This means that if the price doesn't have enough power to reach the peak of the pattern and is rejected before touching the next peak, after we test the support zone again, the price will likely break to the downside 🙂
3)Currently, the support zone for BTC at $61K has been breached, and we are observing lower lows and lower highs within the downtrend line, indicating a focus on the downside for prices.
Trade active:
If BTC breaks $63K and closes a daily candle above $63K, then it's likely we won't see $50K 🙃
If it happens, we can see an Inverse H&S pattern on the daily timeframe.
Summarizing these two TA, one is bearish and the other is bullish, we can conclude the following below 👇🏻
If Bitcoin drops below the horizontal support zone of $61K, we might head towards $50K. Conversely, if BTC rises above $63K, we could see a trend reversal, potentially reaching $70K again!
If it happens, we can see an Inverse H&S pattern on the daily timeframe.
Summarizing these two TA, one is bearish and the other is bullish, we can conclude the following below 👇🏻
If Bitcoin drops below the horizontal support zone of $61K, we might head towards $50K. Conversely, if BTC rises above $63K, we could see a trend reversal, potentially reaching $70K again!
The Inverse H&S pattern on Bitcoin is now confirmed, with a target of $70K 🚀