BTC Bitcoin Head and Shoulders Chart PatternBTC Bitcoin has manifested a technical analysis chart pattern commonly known as a "Head and Shoulders" formation, indicating a potential bearish trend.
The Head and Shoulders Bearish Chart Pattern is a technical analysis chart pattern that is typically formed by three peaks in a security's price action.
The first and third peaks are known as "shoulders," while the second peak is called the "head." The pattern is often viewed as a signal of a potential trend reversal from bullish to bearish, as it suggests that the security's price has reached a high point and may soon decline.
The target price of the pattern is typically calculated by measuring the distance between the head and the "neckline" (a line drawn connecting the two shoulders), and projecting that distance downward from the neckline.
Based on this pattern, it is estimated that the price may decline first to a target level of $27175, then to $23280.
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