As mentioned on Saturday, April 5th, the pattern is active and has successfully reached the initial target of 78,600. If the support level at 78,600 is breached, the price may continue to decline toward the second target of 76,650.
BTCUSDT.PBTC1! Meanwhile bitcoin CME futures closed at 84350, meaning strong interest from institutions. Otherwise we would have been down to 60k already.
The Artist: China has unveiled retaliatory tariff measures against the United States, adding an extra 34% duty on all U.S.-origin imports, which will be applied in addition to the existing tariff rates.
An inverse H&S pattern has formed, indicating a target price of 85,600, and the setup is currently active. As posted in my previous post, after sweeping the liquidity around the 81,200 level, the price advanced toward the next key liquidity zone I highlighted.
If it faces rejection from the overhead resistance levels, a potential retracement back to the 81,300 area, where approximately 82 Million in liquidations are positioned, is likely.
The short-term liquidity zone is between 82,700 and 82,240, while a significant liquidity level exists around 81,780. The market may find support within the short-term liquidity range and potentially test the resistance level near 83,900, where 43.7 million in liquidity is located.
🚨UPDATE: BTC has successfully reached the inverse Head & Shoulders target, capturing liquidity at 86,200. A confirmed breakout above the 86,500 resistance could drive the price toward the next key resistance and the flag's target at 87,800.
Additionally, there is a negative Fair Value Gap (FVG) from 86,280 to 87,070.
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