Bitcoin faced rejection from a strong supply zone currently acting as the neckline of a potential Inverse Head & Shoulders (IHS) structure. The right shoulder appears to be forming within the $113K–$116K range, and this zone will be crucial in determining the next major directional move.
If the $113K–$116K support range manages to hold the price, we could see a bullish rebound back toward the neckline region around $126K–$127K, setting the stage for a breakout continuation. A successful neckline breakout could propel price toward the primary setup target near $148K, with an extended blow-off top possibly reaching $160K.
However, this bullish formation becomes invalidated if price closes below $107K, which would negate the IHS structure and reopen lower retracement possibilities.
Do you agree with this setup? Drop your thoughts in the comments!
If the $113K–$116K support range manages to hold the price, we could see a bullish rebound back toward the neckline region around $126K–$127K, setting the stage for a breakout continuation. A successful neckline breakout could propel price toward the primary setup target near $148K, with an extended blow-off top possibly reaching $160K.
However, this bullish formation becomes invalidated if price closes below $107K, which would negate the IHS structure and reopen lower retracement possibilities.
Do you agree with this setup? Drop your thoughts in the comments!
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📢Follow the official links only! Trade smart, stay safe! 🎯
Telegram: t.me/+m0IACMn0ul03OTFk
Forex zone: t.me/+piiPgrNtrulkNDk0
📩 Contact: t.me/WESLAD
Telegram: t.me/+m0IACMn0ul03OTFk
Forex zone: t.me/+piiPgrNtrulkNDk0
📩 Contact: t.me/WESLAD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.