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BTCUSDT 4H | Bitcoin price overview: Head & Shoulder Pattern

BINANCE:BTCUSDT   Bitcoin / TetherUS
Let's look at the market situation from the other side. A potential Head & Shoulder figure is formed on the chart. As we know, when the figure is confirmed, the price falls by the height of this figure, which means that the price of this pattern is about $6000.

The price decrease from the maximum of $7450 on April 7th has formed a downward movement channel. The lower boundary of this channel at the current time is 6400$. Breaking through this zone may cause a sharp decline to $6000.

As a result, we have two signs indicating that the price is going to drop to $6000. You should not open long positions in the current market situation.

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Comments

I think, this pattern is confirmed.
Reply
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