BTC/USDT weekly chart update, here are some key observations: The price is around $96,063, hovering near the resistance zone slightly below $100,000. This indicates that the market is still testing higher levels.
Potential Head & Shoulders Pattern:
This formation appears to be a head and shoulders pattern, which is often seen as a bearish reversal signal. The left shoulder, head, and right shoulder are recognizable, and a breakdown could indicate downward momentum.
The overhead resistance barrier near $100,000 has proven challenging, and failure to break this level could increase selling pressure.
If the price declines, the chart suggests looking at support around $80,000. This level appears to be crucial for maintaining upward momentum.
Green areas indicate bullish momentum in previous cycles, but if the current pattern persists, some traders may start positioning for a potential decline.
Traders should keep an eye out for a breakout above $100,000 for bullish confirmation or a decline below support levels around $80,000, which could signal entering a bearish trend. Keep an eye on volume and market sentiment as these can significantly influence price movements.
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