(BTC) Alert: Forming Head and Shoulders Pattern!😱
Updated
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.
Note
The head and shoulder pattern breakdown is done, and currently, it looks like it’s time to retest the neckline of this pattern.
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
Note
#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
Note
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
Note
🚨 I have given you the heads up, and I hope you took precautions.
It wasn't a surprise here! 😉
Note
#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.
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Free TG Daily Futures Signals: t.me/CRYPTOMOJO_TA
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