BTC - Head & Shoulder forming, 74k to 77k price projection
After hitting all time highs, BTC has been bouncing in a range, trying to break free and forming possibly a head and shoulder pattern.
If BTC breaks through 91,400 and head and shoulder pattern plays out, on the basis of the measured distance between head and neckline, BTC is likely to test 77k or 74k.
BTC could test 77k because:
- the measured distance between head and neckline in % terms will take BTC to 77k
- if we use trend based fib tool to project BTC price, 77k is a fib level of 50%
BTC could test 74k because:
- the measured distance between head and neckline in $ terms will take BTC to 74k
- there is strong support zone around 74k region
Remember technicals are all probabilities, price negate head and shoulder pattern to test all time highs.
If BTC breaks through 91,400 and head and shoulder pattern plays out, on the basis of the measured distance between head and neckline, BTC is likely to test 77k or 74k.
BTC could test 77k because:
- the measured distance between head and neckline in % terms will take BTC to 77k
- if we use trend based fib tool to project BTC price, 77k is a fib level of 50%
BTC could test 74k because:
- the measured distance between head and neckline in $ terms will take BTC to 74k
- there is strong support zone around 74k region
Remember technicals are all probabilities, price negate head and shoulder pattern to test all time highs.
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.
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.