In the daily timeframe, despite the bullish market, Bitcoin reached the bottom of the Ichimoku cloud and could not continue its rise. Expectations were for Bitcoin to at least approach the nearest Ichimoku gap at 70, but it seems that, given the bearish trend in the weekly timeframe, something negative may be in store for Bitcoin. However, we need to wait and see. If today's daily candle cannot close above 62,908 and fails to rise, it will likely drop towards 48,903 to confirm the head and shoulders pattern. If the price breaks below that point, it will confirm a normal head and shoulders pattern, leading to further declines toward around 44,000. We'll have to see if this gets confirmed or not.
Note
Going well!Trade closed: stop reached
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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.